Today's Headlines

Bloomberg:

• Russia May Be Cut to Junk as S&P Says It’s Considering Downgrade. Russia may lose its investment grade for the first time in a decade after Standard & Poor’s signaled it’s considering cutting the country’s rating. “We are reviewing our assessment of Russia’s monetary flexibility and the impact of the weakening economy on its financial system,” S&P said in a statement. The move implies at least a one-in-two likelihood of a “negative rating action” within 90 days, the statement said. S&P said it expects to conclude its review by mid-January. 

• Ukraine Lawmakers Annul Non-Aligned Status in NATO Move. Ukraine’s parliament backed a proposal to cancel the country’s non-aligned status, a decision that Russia denounced as a dangerous step toward seeking membership of NATO. The legislation put forward by President Petro Poroshenko was supported today by 303 of 357 lawmakers in the chamber, hours after the announcement of fresh talks to try to end the conflict with pro-Russian rebels in eastern Ukraine. The bill will help Ukraine as it seeks to achieve “all criteria of membership” for the North Atlantic Treaty Organization, Foreign Minister Pavlo Klimkin told parliament.

• Russia Moves to Stave Off Panic Among Depositors After Rescuing Bank. After arresting a decline in the ruble, Russia is now trying to avert a banking crisis. Lawmakers rushed legislation through the lower house of parliament today allowing the Deposit Insurance Agency to buy stakes in banks before they face bankruptcy proceedings to keep the system stable. While the ruble strengthened for a third day as the government told state-run exporters to sell foreign currency, it’s still down 30 percent in three months.

• Greece Moves Closer to Polls as Samaras Loses Vote. Prime Minister Antonis Samaras failed to win enough backing today for his nominee for president, bringing Greece a step closer to early elections. In the second of three attempts, 168 lawmakers in Greece’s 300-seat chamber voted for Samaras’s nominee, Stavros Dimas, short of the required 200 ballots. Although up from 160 in the first round on Dec. 17, it showed Samaras’s calls for consensus during the weekend didn’t lure enough opposition lawmakers to add to his coalition’s 155 votes. 

• European Stocks Rise to Post Biggest Six-Day Jump in Three Years. European stocks climbed for a sixth day amid better-than-expected U.S. economic-growth data. The Stoxx Europe 600 Index rose 0.6 percent to 344.06 at the close of trading.

• Iron Ore Extends Decline to Lowest Since 2009 as Surplus Builds. Iron ore extended losses to the lowest level in more than five years amid concern that slowing steel demand in China may hurt consumption in the world’s biggest user just as rising supplies deepen a glut. Ore with 62 percent content delivered to Qingdao, China, dropped 1.6 percent to $66.84 a dry metric ton, according to data compiled by Metal Bulletin Ltd. That’s the lowest since June 2, 2009. 

• Oil Futures Advance After U.S. Economic Growth Surges.

CNBC:

• FDA moves to ease ban on gay men's blood donation.

ZeroHedge:

• Here Is The Reason For The "Surge" In Q3 GDP. (graph)

• Natural Gas Suggests $33 Oil. (graph)

• "Off The Grid" Economic Indicators – Q4 2014. (graph)

• Exposing The Deception: How The US Economy "Grew" By $140 Billion As Americans Became Poorer. (graph)

• The Greater Abomination: Washington's Lies About TARP's "Success" Are Worse Than The Original Bailouts, Part I.

• T. Boone Pickens Rages On CNBC: "I Am The Expert, Not You", Says Oil Down Due To "Weak Demand". (video)

• The Housing Recovery Remains Cancelled Due To 6 Months Of Downward Revisions. (graph)

• UMich Consumer Confidence Near 8-Year High, Inflation Expectations Hit 4-Year Lows. (graph)

• Fed Tightening On Deck After Q3 GDP Soars To 5% On Revisions, Highest Since 2003. (graph)

• Durables Goods Data Ugly Across The Board, Worst Since Polar Vortex. (graph)

Business Insider:

• Sony Confirms It Will Let Theaters Show 'The Interview' On Christmas Day After All.

• Florida Is Now Bigger Than New York.

• Traders Are Getting That 1987-Feeling Again.

• ROSENBERG: There's A 'Black Swan' Stewing In China. David Rosenberg, Chief Economist & Strategist at Gluskin Sheff, has identified a big risk looming out there in the global economy: The Chinese housing market.

• David Tepper Is Worried We're About To Relive 1999. 

• Women And Girls Forced Into ISIS Sex Slavery Attempt Suicide.

Telegraph: 

• Russia faces oil export catastrophe, snared in Opec price trap. Russia's crude exports to drop to $95bn over next 12 months as Saudi Arabia and Opec take aim with oil price weapon.

RIA Novosti:

• Medvedev Says Russia Faces Risk of Deep Recession. Russia needs to move to hands-on management like in 2008 crisis, citing Prime Minister Dmitry Medvedev.

Interfax:

• Russia Calls Ukraine Vote on Non-Aligned Status Unfriendly. Decision to drop non-aligned status is unfriendly, political step that will only add tension in ties w/Russia, citing Russia's representative to OSCE Andrey Kelin.