Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading, but India’s BSE 30 tanked, down 2.44%. Major European indices are slightly lower this morning, and U.S. futures now indicate a positive open. Now, here are the 10 unusual stocks attracting huge interest this morning >
- The employment number came in weak with a big miss, at 103,000 jobs gained in December. Check out the details here >
- China has granted permission for Morgan Stanley and JPMorgan to engage in joint ventures within the country. This will give the two banks access to China’s securities market as well as the potential to assist in the listing of stocks on domestic Chinese exchanges. This is why Morgan Stanley and JPMorgan want in on China >
- French President Nicolas Sarkozy has proposed the creation of a European Treasury, starting first with French and German finances. The goal would be to begin with France and Germany, and then add further members of the eurozone in adherence of the monetary union’s rules. Keep an eye out for these 6 macro themes in 2011 >
- Brazil is yet again attempting to halt the appreciation of its currency, this time by requiring banks to hold higher levels of reserves. The country has attempted to limit the appreciation of its currency through capital controls, and has thus far failed. Here are 10 of the greatest risks to global macro stability in 2011 >
- Citi is trying to sell its CitiFinancial division in an effort to raise capital and move on from the financial supermarket model. The sale could bring Citi up to $1 billion.
- Sara Lee has denied JBS SA’s attempts at acquisition and will, instead, split itself in two. The companies will focus on its soon to be separate coffee and meats businesses.
- Borders is working with Jeffries to restructure itself while trying to hold off its bills. The firm has denied being in a “liquidity crisis.”
- The U.S. defence Department has scheduled cuts to its budget worth $78 billion in the next 5-years. These cuts include a reduction in troops. Check out why Niall Ferguson thinks the U.S. needs to be worried about the future of its empire >
- Federal Reserve Chairman Ben Bernanke will testify before the Senate Budget Committee today at 10:00 AM ET.
- Bonus: Carrie Underwood says she, “likes being a hockey wife,” even though her car was broken into while she was in Montreal with husband and Ottawa Senators player Mike Fischer.