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Waking up With Nicole Lapin

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I don't care if you're in love, but it's Friday. Here's what you may have missed overnight and what you need to know today while you head to work and try to get The Cure outta your head:

BRING IT: JP Morgan kicks off bank earnings. Solid Q4 2010: $1.12 eps v. $1.00 est.; $26.14b revenue vs. $24.444b est.; $4.8b net income, compared to $3.3 Q4 2009.

LUCKY 7: PBoC raises RRR for the 7th time by 50 bps, effective January 20th. No big surprise— they signaled another move before the Chinese New Year.

CHUROPE: EC Pres Herman Van Rompuy says China's European bond buying may be politically motivated. Thank you, Captain Obvious.

CHINATOWNS: Visiting China, Gates says there are signs of a possible disconnect between Chinese civilian leaders and its military. Thank you, Secretary Obvious.

REAL-LY: Brazil's central bank will sell $1b of reverse currency swaps, a move that will allow Brazil to buy US dollars on the futures market.

EURO CHIC: Euro buying is getting crazy. Dollar-priced gold is subsequently selling off.

VOILA: Legard says if they boeuf up the EFSF, it has to be by a specific amount. If not, there will be protests...just kidding- France doesn't need a real reason to do that.

BULLISH: The latest WSJ economist survey finds GDP growth of 3.3%, up from 2.6% last month.

ECONORAMA: Busiest day for the week for December econ data. At 8:30a: CPI forecast to rise .5%; retail sales should jump 1%; industrial production forecast to rise .6%. Around 10a: Jan. consumer sentiment likely to pop 2 points; Nov. business inventories up by .8%.

GROUP-ON!: AIG isn't the only company wooing bakers- Groupon had a financial debutante ball for a possible $1.5b IPO. Doubt there's a coupon for this bakeoff.

GOING POSTAL: USPS wants to get in the rate hike game. In April, sending postcards will cost $0.29; letters to our Canadian friends $0.80. Forever stamps, like diamonds, are still forever.

CHAI LATTE: Starbucks continues world caffeine domination in India. For 180 rupees you can have your very own Indian frappacino this summer (dysentery included). Enjoy!