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Friday, January 11

11th Jan - US Open: Cyprus!

Cyprus will be the key European event, so watch it.

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Roundups & Commentary
Frontrunning – ZH
Overnight: Chinese Stimulus Stinginess vs Japanese Generosity – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe

Morning MarketBeat: Small-Cap Rally on Cruise Control – WSJ
Broker Note Briefing – WSJ
FX Mostly Consolidating After Big Moves – Marc to Market

US session ahead
Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney
Pre-Market – NASDAQ
Earnings & Events – The Street
MarketCurrents – Seeking Alpha

Debt crisis live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices
Economic Calendar – Forexpros

Spanish Tax Hike Sends Industrial Output Back To 1993 LevelsZH

Italy’s 3-Year Funding Costs Near 3-Year LowThe Euro Crisis / WSJ
Italy's three-year funding costs fell to a near three-year low at an auction Friday, as the continuing rally in debt offered by weaker euro-zone countries outweighed the impact of political uncertainty ahead of the country's election next month.

Draghi May Regret a Stronger EuroThe Euro Crisis / WSJ
Mario Draghi's commanding performance at Thursday's European Central Bank press conference appears to have been a game changer.

Could Cyprus Bring Down the Euro?The Euro Crisis / WSJ
The idea that little Cyprus – population 1.1 million; that’s fewer than Dallas, Texas – could fracture the euro zone sounds ridiculous, and probably is, but it’s not impossible and it’s something that’s being talked about, writes Martin Essex.

Cyprus sets hopes on uncertain bailout after rating cutReuters
Cash-starved Cyprus set its hopes on securing a bailout that looked uncertain on Friday after a savage ratings downgrade from credit agency Moody's dumped further economic misery on the island.

ECB's Asmussen says hopes for swift Cyprus aid dealReuters
ECB policymaker Joerg Asmussen said on Thursday he hoped Cyprus would be able to conclude a full-fledged aid programme with international lenders after euro zone finance ministers have discussed the issue on January 21.

Budget cuts must go on, EU's Rehn says – Reuters
Rehn rebuffs IMF criticism of austerity measures – euobserver

EU’s Rehn Doesn’t Expect Slovenia to Request Financial Rescue – BB
EU's Rehn says does not expect bailout request from SloveniaReuters

EU’s Rehn Sees Bailout Agreement for Cyprus in ‘Due Course’ – BB
EU's Rehn rules out Cyprus debt restructuring – Reuters

Trade Deficit in U.S. Jumps on Pre-Holiday Surge in Imports – BB
Trade Deficit increased in November to $48.7 Billion – Calculated Risk
Larger US Trade Deficit to Weigh on Q4 GDP Estimates – Marc to Market

Morning Briefing (EU/US): Chinese Reserve PolicyBNY Mellon
Identifying possible drivers behind the changing pattern of FX reserve growth in China.

Weekly Credit UpdateDanske Bank (pdf)

Is Saudi Arabia starting to panic?alphaville / FT
Some excellent market commentary from Olivier Jakob at Petromatrix on Friday morning regarding the current state of oil market (dis)equilibrium and the potentially precarious position of Saudi Arabia.