Read more: http://www.businessinsider.com/10-things-january-3-2011-1#ixzz19yWKU9uO

• Most major Asian indices were closed overnight, but the Hang Seng was open and up 1.74%. European indices are higher in early trading, and U.S. futures suggest a positive open.

• The ISM Manufacturing Index is released at 10 AM ET. The consensus is for a rise to 57.2. Follow coverage of the release at Money Game >

• Data on Construction Spending is also released at 10 AM ET. Spending is expected to rise by 0.1%. Follow coverage of the release at Money Game >

• Bank of America has eliminated a large portion of its mortgage putback risk by coming to terms with Fannie and Freddie. The bank will take a $3 billion charge to settle claims related to Countrywide’s portfolio. Click here for a guide to the bank’s possible exposure >

• The Australian flood crisis continues this morning, with the national government providing supplies and aid to the Queensland region. This portion of the country is key to the country’s mining and cattle industries. Australia may have bigger problems than floods, check out the details of its housing bubble here >

• The euro is falling this morning due to continued uncertainty over the stability of the currency union. Today’s particular trigger is a French debt auction worth €8.5 billion. Watch out, these might be the dominos next to fall in Europe >

• China had pledged to continue to buy Spanish debt as the country comes under further stress in sovereign debt markets. China’s Vice Premier will be visiting Spain for three days this week. This is why the Spanish debt situation is so worrying >

• Eurozone PMI surged in December, rising to 57.1 for the region. Germany continued to lead the region, but Ireland and Spain both showed month-over-month expansions in manufacturing.

• Porsche shares surged this morning, and are now up over 13% on the dismissal of two lawsuits against the firm. The ruling has to do with the company’s purchase of Volkswagen stock in 2008, and now increases the chances of a merger between the two firms.

• Goldman Sachs has invested $450 million in Facebook, valued the firm at $50 billion, and will be raising an additional $1.5 billion for the company. The move likely puts Goldman in the lead to run the company’s eventual IPO. Read more about the deal here >

• Bonus: Lindsay Lohan gets out of rehab this week, and her mom hopes there is “no car chase.” The artist has launched a new website to prepare the world for her return

Read more: http://www.businessinsider.com/10-things-january-3-2011-1#ixzz19yW4gS1c

2010 Oil Production Was Very Disappointing, And The EIA Is Playing Number Games

Gregor MacDonald, Gregor.us | 333 |

Read more: http://www.businessinsider.com/#ixzz19ySfq2xH

One Of Europe’s Darkest Clouds Is Lifting

Joe Weisenthal | Jan. 3, 6:57 AM | 172 | 1

It’s the economy, stupid. And it’s gathering steam.

Read »

Read more: http://www.businessinsider.com/#ixzz19yTP3WD7

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The Story Of 2011 Will Be The Second US Housing Crash

The Automatic Earth | Jan. 3, 6:24 AM | 528 | 2

Do NOT take out a mortgage.

Read »

Copper Outlook 2011: The Market Is Asking More Than China Can Deliver

Dian L. Chu, Economic Forecasts & Opinions | Jan. 3, 5:56 AM | 693 | 3

It will take the stairs up and freight elevator down.

Read »

Euro Sinks As France Prepares For Massive Debt Auction

Gregory White | Jan. 3, 5:30 AM | 321 | 1

Lack of confidence in the currency continues.

Read »

The Party Is Over In Australia As Debt And Living Costs Surge

Mike “Mish” Shedlock, Global Economic Trend Analysis | Jan. 3, 5:19 AM | 433 |

And raising rates would crush the real estate bubble.

Read »

Before China Crashes, This Is Going To Happen First

Joe Weisenthal | Jan. 3, 5:15 AM | 827 |

Watch for the government to start feverishly putting out fires left and right.

Read »

The Economist, Please Cut It Out With The Hashtags On Twitter

Pascal-Emmanuel Gobry | Jan. 3, 4:47 AM | 605 | 1

We love you. But you’re embarrassing yourself.

Read »

Is The Stock Market Cheap?

Doug Short, DShort.com | Jan. 3, 4:45 AM | 339 | 1

History says it’s time for caution.

Read »

Are Higher Interest Rates Starting To Price In US Default Fears?

The Pragmatic Capitalist | Jan. 3, 4:02 AM | 367 | 2

Let’s look at what else has been happening.

Read »

Welcome To The New Year, Where Markets Are Surging Once Again

Joe Weisenthal | Jan. 3, 3:15 AM | 224 | 1

Stocks and oil both up again.

Read »

Goldman Sachs Just Bought The Facebook IPO

Dan Frommer | Jan. 3, 12:08 AM | 3,691 | 9

Win-win: Beyond whatever it makes on its investment, the fees will be a great bonus.

Read »

Federer And Nadal Hit Balls On Floating “Water Court” In Goofy ATP Promotion

Henry Blodget | Jan. 2, 9:38 PM | 10,448 | 3

Qatar clearly doesn’t know what else to do with its money. [But check out the cool pictures!]

Read »

Albert Edwards: China Is A “Freak Economy” And It Will Crash, And Take Down The Rest Of The World

Joe Weisenthal | Jan. 2, 9:32 PM | 3,559 | 26

China 2011 = NASDAQ 2000.

Read »

Google Chasing After Apple With “Newsstand” For Android

Dan Frommer | Jan. 2, 9:27 PM | 1,642 | 7

Wise move on Google’s part: While Android is growing rapidly in popularity, its App Market is notoriously messy, especially for paid apps.

Read »

Today On TV We Saw The One Huge Reason The US Should Lose Its AAA Rating

Joe Weisenthal | Jan. 2, 8:07 PM | 4,840 | 75

Was anyone from Moody’s watching Meet The Press?

Read »

Major UK Bank Accelerates Funding Ahead Of Massive European Re-Financing Wave

Joe Weisenthal | Jan. 2, 7:31 PM | 841 | 5

In the first half, banks and governments will be competing to refinance over $1 trillion in debt.

Read »

Break Time’s Over: Here’s What’s Coming In The Busy Week Ahead

Calculated Risk | Jan. 2, 6:06 PM | 999 |

ISM, Bernanke, and the Non-Farm Payrolls report, oh my!

Read »

Chile Hit With 7.2 Magnitude Earthquake

Joe Weisenthal | Jan. 2, 3:38 PM | 1,994 | 6

About 100 miles from Concepcion.

Read »

Amazing Visualization Of Stock Market Returns Over Time

Joe Weisenthal | Jan. 2, 2:55 PM | 2,669 | 8

More great work from the NYT’s graphics gurus.

Read »

SocGen Presents The Biggest Investing Trends In 2011

From gold to EM, where you do and don’t want to be.

159,619 | 9

Read more: http://www.businessinsider.com/#ixzz19yUQ2Txz

• Small business borrowing jumps again: PayNet

  Reuters – 49 mins ago

  Reuters

  CHICAGO (Reuters) – Borrowing by small U.S. businesses jumped in November to the highest level in more than two years, PayNet Inc reported on Monday, as entrepreneurs invested in their businesses and did a better job of paying existing debts. Full Story »

• China will continue to buy Spanish debt: Vice Premier

  Reuters – 2 hrs 17 mins ago

  MADRID (Reuters) – Chinese officials have faith in Spain’s financial system and will continue to take part in government debt auctions, China’s Vice Premier Li Keqiang wrote in an editorial in El Pais on Monday. Full Story »

• European stocks drop at end of mixed year

  AFP – Fri Dec 31, 9:31 am ET

  AFP

  LONDON (AFP) – European stock markets slid on Friday at the end of a mixed year for the region’s indices amid the eurozone debt crisis. Full Story »

• Obama’s New Year’s resolution? Fix the economy

  Reuters – Sat Jan 1, 3:17 pm ET

  AFP

  HONOLULU (Reuters) – President Barack Obama has set his New Year’s resolution high for 2011: repair the struggling economy. Full Story »

  • Slideshow: President Barack Obama

• Earnings schedule for week of 1/03/11

  AP – Thu Dec 30, 1:45 pm ET

  Major companies tentatively scheduled to report quarterly earnings next week: Full Story »

• EU hails kickoff for new financial surveillance bodies

  AFP – Sun Jan 2, 3:23 pm ET

  AFP/File

  BRUSSELS (AFP) – The European Union hailed the 2011 kickoff this weekend of a series of new post-crisis pan-European watchdogs aimed at tightening regulation of the finance industry. Full Story »

• Bonds’ dramatic year sets stage for higher rates

  AP – Fri Dec 31, 5:59 pm ET

  AP

  NEW YORK – It was a dramatic ride for bonds and the mortgage market in 2010 as an economic crisis in Europe and wonky concepts like “quantitative easing” helped push down yields to levels not seen since the 1950s. Full Story »