NEW$ TO U(SE)

Volatility remains elevated. ICSC says that last week’s 1.4% jump was weather and Super Bowl related.

Heavy weather tripped a stock-up effect for groceries…

…was given a boost by a calendar shift for the Super Bowl.

Fed’s Yellen: U.S. Rates Too Hot for China A top Federal Reserve official said Monday U.S. monetary policy is too hot for China and Hong Kong and explained any trouble those nations ultimately face because of this situation arises from their own foreign exchange policies. (WSJ)

Gutenberg fights back Publishers and the web battle over the printed word (FT)

Google prepares Facebook assault (FT)

Traders make $8bn bet against euro Record number of short positions (FT)

The World’s Watchmaker China has America about where it wants it. You can make your own calculation of President Obama’s leverage over Beijing — and it’s heading south. By ROGER COHEN (NYT)

Disney, Google eye stake in China firm A consortium led by Walt Disney Co is in advanced talks to buy into China’s largest in-bus digital media and advertising company, a deal that could offer the US entertainment giant a new platform to promote Mickey Mouse in China, three sources told Reuters. (China Daily)

The Industrial and Commercial Bank of China (ICBC) said on Monday it would apply stricter approval rules to property lending this year as part of an effort to balance its loan structure and stem rising credit risks.

The world’s largest bank by market capitalization will not issue new loans to developers who seek to speculate on rising property prices through "hoarding land" or "putting off home sales" and may also call back earlier credit to such borrowers, the lender said at its 2010 work conference.(…)

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Via Ft Alphaville:

“The G7 countries are completely asleep at the wheel. I looked at the information they put out from their meeting I was absolutely shocked … they seem to show no awareness at all that much of Europe is facing a serious crisis and it’s not limited to Spain, Greece and Portugal, it’s also going to include Ireland. I think Italy is also very much in the line of fire. There’s a very serious crisis inside the Euro-zone.”

Former IMF chief economist Simon Johnson commenting to the BBC about the Euro-zone crisis on Sunday.

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On January 25, I posted my analysis CHINESE CONSUMPTION NEAR TAKE-OFF and argued that domestic consumption was now much more important in China’s economic management thanks to superb planning.

Bao ba! Defend the eight! If there were any lingering doubts about China’s fetish for targets, last week’s publication of the contributions to economic growth in 2009 should have removed them. As exports plummeted, Beijing compensated by ramping up investment to keep gross domestic product growth at a level appropriate for the 60th anniversary year of the founding of the People’s Republic. Ninety two per cent of last year’s 8.7 per cent growth came from spending on fixed assets, without which the country had hitherto functioned fine. The 8 per cent growth target, in short, was everything.

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The Conference Board Employment Trends Index (ETI)™ rose in January for the fifth consecutive month. The index now stands at 93.2, up 1 percent from December’s 92.3, but still down 0.7 percent compared to January 2009. “The continued rise in the ETI makes us more optimistic that job growth will resume in the first quarter of 2010,” said Gad Levanon, Associate Director, Macroeconomic Research at The Conference Board.

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Single-copy sales declined 9.1% (during the 2nd half of 2009) at the 472 publications reporting to the ABC. Those results follow 18 months during which newsstand sales tumbled at a quickening pace—6.3% in the first half of 2008, 11% in the second half of 2008 and 12% in the first half of last year.(…)

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71% of S&P 500 companies have reported. Revenues growth ex-financials is only 2% over a depressed 2008 Q4. To put this in proper perspective, Q4 GDP was up 5.7% SAAR but it was only up 0.8% YoY. The GDP deflator  rose 0.7% YoY so current $ GDP is up merely 1.5%. David Rosenberg:

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The best indicators for commodities. BRIC’s LEI is losing momentum, however, something that must be watched closely given their leading role in demand for commodities. The marginal buyer is always key. To be read in conjunction with this morning’s post GLOBAL GROWTH AND INFLATION SURPRISE INDICES

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Canada Worries About Housing Bubble  As the U.S. struggles to get out of its housing slump, its neighbor to the north faces a different challenge: Canada’s housing recovery has been so rapid that some here are worrying about a bubble. (WSJ)

Ottawa says housing bubble not a concern No plan to tighten mortgage rules (G&M)

Will We Ever Again Trust Wall Street? (WSJ)

India growth set to near 2007 boom levels The economy is expected to grow 8 per cent in the year ending March 2011, close to levels hit during the 2007 boom years, according to the deputy chairman of India’s planning commission (FT)

Asia Sails Smoothly Through Debt Waters The Asian financial crisis of 1997 led many countries to be more conservative about borrowing and spending than Western nations. (NYT)

Watch the Ads, Vote for the Best Watch the commercials from Super Bowl XLIV and vote for the best and worst ad. (WSJ)

In Super Bowl Commercials, the Nostalgia Bowl  Madison Avenue played it safe, dusting off characters like Sock Monkey and calling in stars of yore like Abe Vigoda. (NYT)

• Interactive: 25 Years of Super Bowl Ads