Today's Headlines

Bloomberg:

• Russia Hardens Military Doctrine Amid NATO Standoff Over Ukraine. Russia hardened its military doctrine, identifying new threats after tensions with its Cold War foe NATO increased over the conflict in Ukraine. The revised document posted today on the Kremlin website names attempts to overthrow neighboring governments as a major threat, as well as the North Atlantic Treaty Organization’s buildup close to the country’s borders. The previous draft was published in 2010. Russia also cited as threats information campaigns aimed at corrupting the Russian population, sabotage by foreign intelligence, the deployment of missile-defense components and high-precision conventional weapons, and the use of information technology for military purposes. 

• Russia May Burn Wealth Funds in 3 Years Without Budget Revision. Russia, poised to enter a recession, will burn through its rainy-day funds in three years if the government doesn’t change the budget structure, according to Finance Minister Anton Siluanov. With oil prices at $60 a barrel, Russia’s economy may contract about 4 percent next year and have a budget deficit of morethan 3 percent of output, Siluanov told reporters in Moscow today. The ministry will use these estimates and an exchange rate of 51 rubles per dollar to review the 2015 budget. 

• Oil Heads for Fifth Weekly Loss on Global Glut Concern. Brent for February settlement slipped 40 cents, or 0.7 percent, to $59.84 a barrel at 12:03 p.m. New York time on the London-based ICE Futures Europe exchange. The volume of all futures was 89 percent below the 100-day average with much of Europe on holiday after Christmas.

• Copper Slumps to Three-Week Low on U.S. Interest-Rate Outlook. Copper futures for March delivery fell 1.4 percent to settle at $2.814 a pound at 1:16 p.m. on the Comex in New York. Earlier, the price touched $2.804, the lowest for a most-active contract since Dec. 1. The metal declined for a fourth straight session, the longest slump since Nov. 28.

• Natural Gas Futures Drop Below $3 for First Time Since 2012. Natural gas futures slumped below $3 per million British thermal units for the first time since 2012 on speculation that record production will overwhelm demand for the heating fuel. Futures have plunged 27 percent in December, heading for the biggest one-month drop since July 2008, as mild weather and record production erased a surplus to year-ago levels for the first time in two years. Temperatures will be mostly above average in the eastern half of the U.S. through Dec. 30, according to Commodity Weather Group LLC. 

• Xbox, PlayStation Networks Attacked, Hackers Claim Credit. Microsoft Corp. (MSFT)’s Xbox Live and Sony Corp. (6758)’s PlayStation Network, Internet services that video gamers use to play online, were hit by connection failures on Christmas Day, with the hackers Lizard Squad claiming responsibility.

Wall Street Journal:

• Job Engine Running Low on Gas. Sharp Drop in Energy Prices Pinches Employers in the Oil Patch, Spurring Layoffs.

CNBC:

• Russian ruble slides 4 percent after official says it has stabilized. The Russian currency on Friday ended its five-day rally and declined 4 percent as the markets remain jittery over the outlook of the Russian economy. The ruble has been the worst performing currency this year along with the Ukrainian hryvnia, having lost nearly half of its value against the dollar.

• Saudis hit 'panic button' at $40 oil: Energy CEO. (video)

ZeroHedge:

• Game Over Japan: Real Wages Crash Most In 21st Century, Savings Rate Turns Negative. (graph)

• NYPD Cops Send Message To De Blasio In New York Skies. (pic)

• Ukraine Cuts Power To Crimea Again, Halts Train Services.

• Blackrock(BLK) Stunner: S&P 500 Profits Are 86% Higher Than They Would Be Without Accounting Fudges.

• Why S&P 500 Revenue And EPS Forecasts Were Just Slashed By One Third.

Business Insider:

• 'The Interview' Raked In A Reported $1 Million From Theaters On Opening Day.

• There's No End In Sight To The Conflict Between Russia And Ukraine.

Reuters: 

• Mexican factory exports post biggest drop in nearly 2 years. Mexican factory exports posted their biggest decline in nearly two years in November, pushing the country into a trade deficit, official data showed on Friday. Adjusted for seasonal swings, factory exports declined by 5.0 percent from October, the biggest monthly drop since January 2013, according to figures from the national statistics office. Total exports were down by 4.8 percent in adjusted terms after a rise of 3.8 percent the previous month. By contrast, total imports increased by 0.6 percent, the second consecutive monthly advance, the office data showed.

• EMERGING MARKETS-Brazil Bovespa drops with Petrobras.