Here’s what’s important in the financial world this morning: This week, markets will look to extend their gains to date. On Wednesday, the Federal Reserve will release policy news and throughout the week look for a barrage of corporate earnings reports. News from Europe could affect this week’s market on news from Greece’s debt-swap talks and Monday’s European Union finance ministers meeting. They will talk about the recent fiscal-pact draft, according to MarketWatch. Over in the Asian markets, many markets will be closed for holidays but there will be news from Japan and Thailand’s central banks. Markets in Hong Kong, Shanghai and Shenzhen will be closed from Monday through Wednesday; the Taipei market will be closed on Thursday. South Korea’s market will be shut down on Monday and Tuesday. Australian markets are closed on Thursday. On Tuesday, the Reserve Bank of India will make its policy announcement. In December, it did not have any interest rate hikes and suggested it was done with doing so and was ready to focus on growth. The Bank of Japan will also announce its policy news on Tuesday. On the following day, look for news nuggets of the bank’s moves in its policy statement. The Bank of Thailand will report its policy move on Wednesday. Back in the U.S. get ready for earnings. Lots of earnings. Chevy Volt is “safe”: U.S. regulators ended an investigation into why Chevrolet Volt electric cars caught fire, and said electric vehicles do not pose a greater risk of fire, according to Bloomberg. The conclusion by the U.S. National Highway Traffic Safety Administration came two weeks after General Motors Co. told owners to bring the vehicles to dealerships for repair. “Based on the available data , NHTSA does not believe that Chevy Volts or other electric vehicles pose a greater risk of fire than gasoline-powered vehicles,” the agency said in an e- mailed statement today. EU vs Iran: The European Union formally adopted an oil embargo against Iran on Monday and froze the assets of Iran’s central bank, part of sanctions to pressure Tehran into resuming talks on its controversial nuclear program. Two Iranian lawmakers, stepped up threats that their country would shutter the strategic Strait of Hormuz, through which a fifth of the world’s crude flows, in retaliation for the EU oil sanctions on Tehran. Lawmaker Mohammad Ismail Kowsari, deputy head of Iran’s influential committee on national security, said Monday the strait “would definitely be closed if the sale of Iranian oil is violated in any way.” Tensions over the strait and the potential impact its closure would have on global oil supplies and the price of crude have weighed heavily on consumers and traders. Both the U.S. and Britain have warned Iran not to disrupt the world’s oil supply. Many analysts doubt that Iran could set up a blockade for long, but any supply shortages would cause world oil supplies to tighten temporarily. For its part, the United States has enacted, but not yet put into force, sanctions targeting Iran’s central bank and, by extension, the country’s ability to be paid for its oil. Economic Numbers and Fed Speak Monday: Eurogroup meeting of eurozone finance ministers. Tuesday: Ecofin meeting of EU finance ministers, Day One of FOMC meeting, and President Obama’s State of the Union address. Wednesday: Pending Home Sales index for December,FOMC policy announcement and Ben Bernanke Press Conference. Thursday: Durable Goods orders for December, Weekly jobless claims, December new home sales and leading indicators. Friday: Fourth-quarter GDP report and University of Michigan consumer sentiment for January. [ Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet. ] The Associated Press contributed to this story.
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Morning Market Roundup: EU Adopts Iran Embargo, Volt Investigation Closed
Reuters – The gun industry on Monday appealed a U.S. judge’s decision to uphold new Obama administration regulations requiring gun dealers in four states bordering Mexico to report the sales of multiple semi-automatic rifles.
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U.S. gun industry appeals new rifle reporting rules
(Reuters)
Reuters – A U.S. judge on Friday, in a victory for the Obama administration, upheld new federal rules requiring gun dealers in four states bordering Mexico to report the sales of multiple semi-automatic rifles, despite a challenge by the gun industry.
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U.S. judge backs ATF multiple rifle sales reporting
(Reuters)
**Written by Doug Powers Maybe it’s not as bad as it sounds. Technically a “call back” is a notch below a recall, and it only affects 8,000 vehicles — which is a mere, um, 100% of all Volts sold in 2011. Lucky sales didn’t catch fire or the fixes would have been a more massive undertaking : General Motors plans to ask Volt owners to bring their electric cars into dealers to strengthen the structure around the batteries. The automaker said Thursday it plans enhancements to the vehicle’s structure and battery coolant system to further protect the battery from the possibility of an electrical fire occurring days or weeks after a severe crash. The enhancements come in response to a National Highway Traffic Safety Administration Preliminary Evaluation to examine post-severe crash battery performance. Has there ever been a year where an automobile has been named Motor Trend’s Car of the Year and also a Flop of the Year ? They should have called it the Paradox . You certainly can’t argue with the value though — it isn’t often you can buy a $250,000 car for just $41,000. In other Volt news, in spite of there being only 8,000 Volts sold in 2011 (1,529 in December alone, meaning either sales picked up or Al Gore used them as Christmas stocking stuffers), Michigan Rep. John Dingell thinks they’re flying off the lots : Following Republican presidential hopeful Mitt Romney’s claim that the Chevrolet Volt is an “idea whose time has not come,” Dingell apparently issued a press release that said, in part: Romney is the only fellow in the United States who appears to think that the Volt is an idea whose time has not come. Clearly it has not come to him. The Volt is selling like hotcakes . For a car being called back to repair a possible fire hazard, “hot cakes” probably isn’t the best choice of metaphor, and it certainly isn’t the most accurate one. **Written by Doug Powers Twitter @ThePowersThatBe

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GM to Call Back Chevy Volts
And not on the sales charts.
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The Chevy Volt Catches Fire
At Los Angeles Times , ” Black Thursday is replacing Black Friday as more stores open on Thanksgiving “: Black Thursday is becoming the new Black Friday. Wal-Mart Stores Inc., the nation’s largest retailer, will for the first time launch its holiday sale kickoff at 10 p.m. Thanksgiving Day, joining Toys R Us Inc., Kmart and other chains that have already thrown their doors open while holiday turkeys are still warm. Other big retailers — including Target Corp., Best Buy Co., Macy’s Inc. and Kohl’s Corp. — have decided for the first time to open at midnight. Chain stores have been advancing their opening times for several years, but analysts say it has reached a tipping point this season, with Thursday night poised to upend Friday morning as the official holiday kickoff. “It’s no longer Black Friday, it’s going to be Black Thanksgiving from here on out,” said Marshal Cohen, chief industry analyst at the NPD Group. “Retailers recognize the importance of being convenient, and one of those conveniences is opening earlier so people don’t have to wait in line at 4 in the morning in the cold.” The trend in part reflects the tougher environment for brick-and-mortar retailers, who face increased competition from Internet sales that run on a 24-7 basis. The late-night shopping hours also appeal to coveted younger customers, many of whom prefer to do a midnight shopping run Thanksgiving Day instead of having to leave their warm beds before dawn the day after. “Young adults are the ones who really come out in force on Thanksgiving Day,” said Kathy Grannis, a spokeswoman for the National Retail Federation. “They may have three hours free after dinner, and they want to get some shopping done and be home by midnight.” The earlier hours are a big help to Jacob Nieto, a 35-year-old stylist who scours the circulars on Thanksgiving to plan his shopping strategy. The Koreatown resident, who saved more than $1,000 last year on Black Friday, said waking up before dawn to shop is “just torture.” PREVIOUSLY : ” Shoppers Angry as Black Friday Sales Push Into Thanksgiving .”
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Thanksgiving Day Gets the Jump On Black Friday
