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Waking up With Nicole Lapin

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Happy 3-day weekend Friday eve (just sounds better). Before you slosh through snowy slush, here's what missed and need to know to power through the day:

S IN PIIGS: Spain wants to unload $4b in debt. The 2016 bonds auction came in at 4.590% with a strong bid-to-cover ratio of 2.1 v. 1.6. Their finance minister was on my show obviously saying they don't need a bailout.

THE EXTRA I: Italy's 2026 bond auction was strong but not as high as the Spanish bid-to-cover ratio at 1.420.

SURPRISE!: BoK raises rates by 25 bps, startling traders. South Korea wants to stem inflation (join the club), except the won pushed higher —doh!

HORROR: "Post War" is how Brisbane officials describing the flood clean up in Australia's third-largest city that's left 12k homes underwater.

WAY DOWN UNDER: Austrialian employment upticked by a mere 2.3k (25k was expected). Aussie dollar took a dive.

M&A: Canada's Inmet and Lundin Mining are hooking up in a $9b deal. The new company isn't going to be called either- it'll be Symterra.

SHRINKAGE: The World Banks says rich countries will lag developing nations in growth, 2.4% versus 6% in 2011. Thank you, Robin Hood.

ECONORAMA: At 8:30 look for weekly jobless claims forcast to drop 2k to 407k; Dec. PPI to jump 0.8%; Nov. trade deficit to widen more than $1b to $40.7.

BAKEOFF: The big boys aren't sending their minions- Moynihan, Gorman for sure; Dimon is a maybe (Pandit is traveling in Europe). All doing a little song and dance to be the underwriter and synidicate for AIG.