11th Jan - US Open: Cyprus!

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

Previously on MoreLiver’s:                  

11-Jan Best of the Week

11-Jan Credit Guest: Linkage

11-Jan EU Open

10-Jan US Close: ECB Post-mortem & Papertrading results

10-Jan US Open: ECB ahead

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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

Reference

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

EUROPE

Spanish Tax Hike Sends Industrial Output Back To 1993 Levels – ZH

Italy’s 3-Year Funding Costs Near 3-Year Low – The 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 Euro – The Euro Crisis / WSJ

Mario Draghi's commanding performance at Thursday's European Central Bank press conference appears to have been a game changer.

  CYPRUS

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 cut – Reuters

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 deal – Reuters

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.

  OLLI REHN’S LECTURE

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 Slovenia – Reuters

EU’s Rehn Sees Bailout Agreement for Cyprus in ‘Due Course’ – BB

EU's Rehn rules out Cyprus debt restructuring – Reuters

UNITED STATES

  TRADE BALANCE

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

OTHER

Morning Briefing (EU/US): Chinese Reserve Policy – BNY Mellon

Identifying possible drivers behind the changing pattern of FX reserve growth in China.

Weekly Credit Update – Danske 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.