Get inside information from the president and you will probably lose half your money. If you get it from the chairman of the board, you will lose all of your money. Jim Rogers

1. DoJ reverses on Web gambling — the Justice Department has reversed its long-standing opposition to many forms of online gambling, a potential boon to states that view online gambling as a good way to raise tax revenue.
2. Italian borrowing costs fall — Italy sold €9B worth of 6-month bills at 3.251%, a huge improvement from 6.504% on November 25. The ten-year yield dipped back below 7%, and was around 6.78%.
3. China unveils new list of Investment Likes and Dislikes — China no longer wants foreign-funded automobile factories or polysilicon plants, but would welcome overseas investment in hospitals and financial leasing firms, according to updated inward investment guidelines.
4. Mosaic cuts production — Mosaic (MOS) will cut its quarterly finished phosphate production by up to 250,0000 tons, or ~10%, until the end of March as excess supply weighs on market prices. “The current spot prices in this market do not reflect our outlook for the business, nor do we think they are sustainable,” CEO Jim Prokopanko said.
5. China Contraction in Manufacturing for the Second Month — China’s manufacturing (EC11CHPM) contracted for a second month in December as Europe’s debt crisis cut export demand, fueling speculation that the central bank may cut lenders’ reserve requirements within days.
A purchasing managers’ index was at 48.7 in December from 47.7 in November, according to HSBC Holdings Plc and Markit Economics. A reading below 50 indicates a contraction.
6. Bank of America (BAC) Posts Worst Showing in Dow Average — The 59 percent decline in 2011 erased almost $80 billion of shareholder value at Charlotte, North Carolina- based Bank of America. It’s the firm’s largest drop since a 66 percent plunge in 2008, when a U.S. bailout staved off a collapse.

The week ahead — Economic data from Econoday.com: