>>> What to look at today 2nd of January 2014

US Market Finished the year on a weak note but the full year still look good with S&P +12% and NAsdaq +14%, volume wwas one of the lighest of the year with only 650mil shares only traded, Uilities leaded the downside move (-1,9%)...Tech was also ane heavy loser, pushed by Apple -1,9% but still soared nearly 38% on the year...financials (-1.2%) lagged while the energy sector lost 0.8% to widen its 2014 decline to 10.0% amid another volatile day in oil trading pits. WTI crude dipped below the $52.60/bbl mark ahead of the close, but rocketed back to its session high to end the day lower by 1.0% at $53.49/bbl. consumer discretionary sector (-0.4%) ended ahead of other groups. Homebuilders and retailers were responsible for the outperformance....Hong Kong is leading regional indices higher, while Nikkei225 and Shanghai Composite remain on extended New Year holiday break. China December official PMIs saw Manufacturing index hit its lowest level since mid-2013, even though non-manufacturing recovered to a 4-month high of 54.1. Manufacturing PMI components New Orders and Output were at 2014 lows, and inventories and employment were at 10-month lows. NDRC economist Zhang said the PMI data "indicate that industrial growth is still in a downward trend, but the pace of declines is slowing." Similarly, ANZ economists noted the decline of both official and HSBC PMIs suggests that Chinas manufacturing sector is still struggling due to sluggish domestic demand....OJ Gov Kuroda noted the central bank has plenty of tools left to ease policy further, adding he would be opposed to loosen commitment on inflation target since "that in itself will make it impossible to meet the price target...North Korea leader Kim gave another clear hint of wishing to reduce tensions with the South, stating "there is no reason not to hold the highest-level talks."...Over the holiday, Handelsblatt feature citing ECB Pres Draghi noting the risk of ECB failing its mandate is higher than 6 months ago and that sovereign bond purchases remain among the central bank options. Draghi added that the risk of deflation in the eurozone cannot be ruled out but is limited, adding he was confident that all eurozone economies will grow in 2015....Nikkei Closed Hang Seng+0,68% Shanghai Closed

RUB $59,52 RUB E72.82 WTI 53,88 BRent 57.58

Eur 1,2050 S&P +0.49% EuroStoxx+0,61% Dax +0,04% SMI

Macro :

- ECB’s Draghi Says Rates to Stay Low for Some Time: Handelsblatt

- France to Pay More Than EU800m Penalty to Ecomouv: Parisien

- Iran says Saudi Arabia should move to curb oil price fall {http://reut.rs/1zFewfi}

- Draghi Says ECB Price Stability Risk Grew in 2H 2014: Reuters {http://reut.rs/1Bq2k48}

Keep an eye on :

- DG FP / FGR FP : France Could Demand EU1b From Highway Operators: Le Parisien

- DG FP / FGR FP : French Highways Ready to Pay State About EU1B, Les Echos Says