Lloyds

First HSBC bungles up an attempt at pseudo-capital controls by explaining that large cash withdrawals need a justification, and are limited in order "to protect our customers" (from what - their money?), which will likely result in even faster deposit withdrawals, and now another major UK bank - Lloyds/TSB - has admitted it are experiencing cash separation anxiety manifesting itself in ATMs failing to work and a difficult in paying using debit cards. Sky reports that customers of Lloyds and TSB, as well as those with Halifax, have reported difficulties paying for goods in shops and getting money out of ATMs. All three banks are under the Lloyds Banking Group which said: "We are aware that some customers are unable to use their debit cards either to make purchases or to withdraw money from ATMs. "We are working hard to resolve this as swiftly as possible and apologise for any inconvenience caused."

• Emerging market sell-off raises specter of contagion (Reuters)
• China Bank Regulator Said to Issue Alert on Coal Mine Loans (BBG)
• Argentina to Ease FX Controls After Peso Devaluation (BBG)
• Pimco's Gross problem: who can succeed the 'Bond King'? (Reuters)
• Ukraine protesters seize building, put up more barricades (Reuters)
• Mideast Turmoil Dominates Gathering of Business Elite (WSJ)
• Central Banks Withdraw Dollar Funding (WSJ) - oh really?
• Samsung warns of weak earnings growth this quarter (FT)
• Three explosions rock Cairo, killing 5 (USA Today)

• Winter Storm Expected to Make Northeast Commutes Harder  (BBG)
•  Invasion of Spanish Builders Angers France Struggling to Compete  (BBG)
• Toronto mayor, caught ranting on video, admits drinking a 'little bit" (Reuters)
• IBM's Hardware Woes Accelerate in Fourth Quarter (WSJ)
• Sharp Divisions Come to Fore as Peace Talks on Syria Begin (NYT)
• Afghanistan cracks down on advertising in favor of U.S. troops (Reuters)
• Microsoft CEO Search Rattles Boards From Ford to Ericsson (BBG)
• Banks Sit Out Riskier Deals (WSJ)
• Netflix Seen Reporting U.S. Web Users Reach 33.1 Million (BBG)

• Hilsenrath: Next Cut in Fed Bond Buys Looms - Reduction to $65 Billion Could Be Announced on Jan. 29 (WSJ)
• China Workforce Slide Robs Xi of Growth Engine (BBG)
• Obama pulls the race card: Obama Says Race May Blunt Poll Standing in Interview (BBG)
• Chinese firm's IPO deal switches banks as chairman's daughter moves from JPMorgan to UBS (SCMP)
• China and Russia may hold joint naval drill in the Mediterranean (RT)
• Iran invite to Syria talks withdrawn after boycott threat (Reuters)
• Seven Chinese IPOs Halt Trading After 44 Percent Share  (BBG)
• U.S. military says readying plans for Olympic security assistance (Reuters)
• Thank you Bernanke: Investors Most Upbeat in 5 Years With Record 59% Bullish in Poll (BBG)
• From His Refuge in the Poconos, Reclusive Imam Fethullah Gulen Roils Turkey (WSJ)

• Americans on Wrong Side of Income Gap Run Out of Means to Cope (BBG)
• Michael Schumacher battles for life after ski fall (Reuters)
• Professors for hire: Academics Who Defend Wall St. Reap Reward (NYT)
• Chinese police kill eight in Xinjiang 'terrorist attack' (Reuters)
• How to Prevent a War Between China and Japan (BBG)
• Unemployment Benefits Lapse Severs Lifeline for Longtime Jobless (BBG)
• Japan's homeless recruited for murky Fukushima clean-up (Reuters)
• China Local-Government Debt Surges to $3 Trillion (WSJ)
• How unexpected: Britons less inclined to pay down mortgage debt (Reuters)

With an ever-rising number of 1%-ers in the public eye for less-than-god's-work-like behavior, Town and Country magazine knows it can be tough dressing for court when nothing in your closet is off the rack! Here are some fashion strategies for the wealthy and notorious as they approach the bar... the dock is the new red carpet and one must, must find the balance between Brioni and bankruptcy... or Couture over Kevlar...

• J.P. Morgan to Pay Over $1 Billion to Settle U.S. Criminal Probe Related to Madoff (WSJ)
• Ford board aims to pin down CEO Mulally's plans (Reuters)
• Raising Minimum Wage Is a Bad Way to Help People (BBG)
• Japan Lawmakers Demand Speedy Pension Reform (WSJ)
• EU reaches landmark deal on failed banks (FT)
• In which Hilsenrath repeats what we said in August: Fed Moves Toward New Tool for Setting Rates (WSJ)
• Senators Vow to Add to Iran Economic Sanctions in 2014 (BBG)
• Centerbridge in $3.3bn LightSquared bid (FT)
• Banks, Agencies Draw Battle Lines Over 'Volcker Rule' (WSJ)

• U.S. set to adopt Volcker rule to curb bank trading gambles (Reuters) After vote, lawsuits likely next hurdle for Volcker rule (Reuters)
• U.S. Congress budget talks could produce Tuesday deal, aides say (Reuters)
• Wealthy Go Frugal This Holiday Amid Uneven U.S. Recovery (BBG)
• Tearful Thai PM urges protesters to take part in election (Reuters)
• Fed’s Bullard Sees Higher QE Taper Odds as Labor Market Improves (BBG)
• Coeure Says ECB Would Offer More LTROs Only When Banks Can Lend (BBG)
• Inside China's Super-Sterile Chicken Farms (WSJ)
• Mandela Service Rivals JFK’s as Leaders Meet in South Africa (BBG)
• China data defy slowdown forecasts (FT), and of course the word is "data"
• Cold, ice grip U.S. as more snow to blanket East (Reuters)

• Glass-Steagall Fans Plan New Assault If Volcker Rule Deemed Weak (BBG) ... "if"? The banks control the legislators and regulators...
• Cellphone data spying: It's not just the NSA (USA Today)
• Major tech companies push for limits on government surveillance (Reuters)
• Shanghai Warns Kids to Stay Indoors for Seventh Day on Smog (BBG)
• Protesters fell Lenin statue, tell Ukraine's president 'you're next' (Reuters)
• Everyone must be flying private these days: EADS to cut 5000-6000 jobs, close Paris HQ in restructuring (FT)
• Big Players Trade 'Upstairs' (WSJ)
• There’s no way to tell how many people who think they’ve signed up for health insurance through the U.S. exchange actually have (BBG)
• Slower China inflation reduces worries of tighter policy (Reuters)

• EU Fines Financial Institutions Over Fixing Key Benchmarks (Reuters)
• Euro-Area Economic Growth Slows as Exports, Consumption Cool (BBG) - someone has a very loose definition of growth
• Ukraine Officials Scour Globe for Cash as Protests Build (BBG)
• Oops: Franklin Boosted Ukraine Bet to $6 Billion as Selloff Began (BBG)
• Japan Plans 18.6 Trillion Yen Economic Package to Support Growth (BBG) - or about 2 months of POMO
• How Peugeot and France ran out of gas (Reuters)
• Iran threatens to trigger oil price war (FT)
• Abe Vows to Pass Secrecy Law That Hurts Cabinet’s Popularity (BBG)
• Brazil economy turns in worst quarter for 5 years (FT)
• Australia’s Slowdown Suggests RBA May Need to Do More (BBG)
• Biden calls for trust with China amid airspace dispute (Reuters)

• So much for the euphoria: Stores open early on Thanksgiving but shoppers in no rush (Reuters)
• Get to work Mr. Chairwoman: Do-Nothing Congress Dithers on Budget as Deadline Nears (BBG)
• FX to Libor Probes Leave U.K. Traders Looking for Lawyers (BBG)
• Protesters Briefly Storm Thai Army Headquarters (WSJ)
• Berlusconi accused of bribing witnesses in prostitution trial (Reuters)
• Japan Price Gauge Rises Most Since ’98 in Boost to Abe (BBG)
• S&P downgrades Netherlands’ AAA credit rating (FT)
• GrainCorp Verdict Clouds Australia Open-For-Business Pledge (BBG)
• Hertz Fix in Dollar Thrifty Deal Fails as Insider Warned (BBG)
• Narrow Budget Agreement Comes Into View (WSJ)

There were two events of note in the overnight session: first was the return of the Japanese jawboning, because now that the Nikkei has upward momentum - nearly hitting 15600 in early trading only to close unchanged - and the Yen has downward momentum, the Abe, Kuroda, Amari trio will do everything to talk Mrs. Watanabe to accelerate the momentum. In this case BoJ Governor Kuroda said he does not think JPY is at abnormally low levels and consumer inflation likely to hit 2% by fiscal year to March 2016. Kuroda also said he does not think JPY is excessively weak or in a bubble now and JPY has corrected from excessive strength after Lehman. This also means look forward to the daily bevy of Japanese speaker headlines in overnight trading to push the USDJPY and EURJPY higher on an ad hoc basis. The other notable event was the German IFO Business climate which jumped from 107.4 to 109.3, beating expectations of 107.7 and in the process pushing the EUR notably higher, and particularly the EURJPY which moved from 136.30 to nearly 137 or a fresh four year high. At this point European exporters must be tearing their hair out, as must the ECB whose every effort to talk the Euro lower has been met with relentless export-crushing buying.

• What can possibly go wrong: Tepco Successfully Removes First Nuclear Fuel Rods at Fukushima (BBG)
• Japan's Banks Find It Hard to Lend Easy Money (WSJ)
• U.S. Military Eyes Cut to Pay, Benefits (WSJ)
• Airbus to Boeing Cash In on Desert Outpost Made Field of Dreams (BBG); Dubai Air Show: Boeing leads order books race (BBG)
• Sony sells 1 million PlayStation 4 units in first 24 hours (Reuters)
• Russian Tycoon Prokhorov to Buy Kerimov's Uralkali Stake (WSJ)
• Google Opening Showrooms to Show Off Gadgets for Holidays (BBG)
• Need. Moar. Prop. Trading: Federal Reserve considering a delay to Volcker rule (FT)
• Raghuram Rajan plans ‘dramatic remaking’ of India’s banking system (FT)
• SAC Capital's Steinberg faces insider trading trial (Reuters)

The only numbers that matter today are 16000, 4000 and 1800: those are the Fed's closing targets for the Dow Jones, the Nasdaq and the S&P. Following last night's Chinese euphoria which saw the Shanghai Composite surge by 2.87%, or up 61.4 to just under 2,200 on renewed hopes for Chinese reform by 2020, the Fed's price targets should all be quite easily achievable. And not even the rising home prices in 69 out of 70 cities year over year, and 65 over month - the same as last month, with new nome price inflation at 0.6% overall and 0.8% for the first tier cities, was able to put a dent in the reflationary spirits in the Mainland. Additionally, news that China would join the US and Europe in "adjusting" its GDP calculation method, which would add R&D expensing into the bottom line, and as a result boost the overall number, is, well, helping things. Finally, with today's POMO a rather whopping $3-$4 billion, it is only a matter of time before all three of the previously noted psychological resistances are promptly taken out by the Fed's open markets desk.

The Forex market is the largest in the world and the least understood.  Since the late 90's, traders and asset managers have flocked to it as an alternative to trade, compared to other common markets (Stocks, Bonds, Futures).