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Thursday, January 3

3rd Jan - US Open

Somewhat "undecided/what next-feelings in the markets. EURUSD broke down from its recent range driven by bad European and good US numbers (manufacturing surveys). Tomorrow on Fri we get the payrolls and service PMI's to complement the manufacturing data.

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Roundups & Commentary
Frontrunning – ZH
Overnight: New Year Euphoria Fading – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
Irish Deputy Prime Minister: Irish taxpayers alone cannot bear weight of supporting European banks

Morning MarketBeat: Treasurys Selloff Just Beginning? – WSJ
Broker Note Briefing – WSJ
FX Shakeout – 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

Germany’s Downward TrendOp-Ed / NYT

Portugal seeks court inquiry into 'unjust' debt dealeuobserver
He blamed the bailout for creating a "recessionary cycle" and he dubbed the programme "socially unsustainable."

Shepherding Italian democracyeuobserver
The problem for European power-brokers is that no one other than Monti can be allowed to be Italy's prime minister, writes Leigh Phillips in this analysis of Italian politics ahead of upcoming national elections.

Falling Italian Yields May Be Helping Monti, but Not the EuroThe Euro Crisis / WSJ
Although immediate worries over a sovereign debt default have subsided, economic and political concerns are once again on the rise, and the euro’s attraction as a reserve currency is still not secure.

Spanish debt, quietly on the mend…alphaville / FT
An unlikely beneficiary of the fiscal fudge, perhaps. Here’s Spanish 10 year paper, the yield on which was threatening to drop back below 5 per cent on Thursday.

[Opinion] US fiscal cliff not averted, but postponedeuobserver
Rather than a deal, the US fiscal cliff talks reflect still another delay. However, the time will run out in the next 4-8 weeks. The net effect will reverberate across Europe and the world economy, writes Dan Steinbock.

America’s Bubble Dependent EconomyGlobal Macro Monitor

Will Relatively Low Inflation Expectations Persist In 2013?The Capital Speculator

Above the Market’s Leading Investment IndicatorsAbove The Market
Market Valuation Overview: More Expensive Than Last Month dshort

Morning Briefing (EU/US): Once more unto the breachBNY Mellon
The coming year will prove more challenging than 2012 for some policy makers

Hello 2013: The EM earnings challengebeyondbrics / FT
Today beyondbrics begins a series of posts by outside commentators on the outlook for emerging markets in 2013. Our first contribution is by Geoffrey Dennis of Citigroup

Goldman Sachs: 2013 Is All About GrowthThe Source / WSJ
Traders have returned from the holidays in optimistic mood. Equities are back in favor and the focus for 2013 is on growth. Indeed, if the first trading days of the year are anything to go by, it looks like we're in for quite a ride.