Frontrunning: January 3
- Heavy snowstorm hammers northeastern U.S. (Reuters)
- Coins Remain a Bright Spot for Gold (WSJ)
- Gross’s Mistake on Fed Taper Echoes Across Pimco Funds (BBG)
- China December services PMI falls to four-month low (Reuters)
- General Mills Starts Making Some Cheerios Without GMOs (WSJ)
- U.S. considers flammability risk of Bakken crude after accidents (Reuters)
- China Mobile’s Costly iPhone Deal with Apple (WSJ)
- Hezbollah Upgrades Missile Threat to Israel (WSJ)
- UK House Prices Cap Best Year Since 2006 as Mortgages Surge (BBG)
- China tells police to be loyal to party amid graft crackdown (Reuters)
- Pimco Sees Dim Sum Refinancing Boom on Cash Crunch (BBG)
- Obamacare Medicaid Expansion to Worsen Hospital ER Burden (BBG)
- Finra to Crack Down on Brokers With High Number of Complaints (WSJ)
- Euro-Zone Private Lending Plunges (WSJ)
- India Prime Minister Won’t Seek a Third Term (WSJ)
Overnight Media Digest
* The dollar surged in the first trading day of 2014, in anticipation that U.S. economic growth this year will outpace the recovery in Europe and other regions.
* The federal government warned that crude oil from the Bakken Shale in North Dakota may be more flammable than other types of crude.
* Cox Enterprises Inc, the closely held media conglomerate, has bought back a stake in AutoTrader Group Inc in a deal that implies a value of about $7 billion for the online auto marketplace.
* Sales of gold coins are booming even as the metal's price is falling, a testament to gold's continued appeal for small investors and collectors despite its first bear market in more than a decade.
* U.S. passenger airlines are bracing for the start of new federal regulations on Saturday that will guarantee their pilots more rest time and restrict the hours they can put in behind the cockpit controls.
* When Mathew Martoma's insider-trading trial begins next week, federal prosecutors will arrive armed with what they believe is one of the strongest cases to emerge from their decade-long investigation into SAC Capital Advisors LP. Lawyers from the U.S. attorney's office in Manhattan are expected to call two doctors who will testify that they passed inside tips on pharmaceutical drug tests to Martoma, a former portfolio manager at the large hedge fund.