Greece looking for a better deal in haircut negotiations RTRS source: Eurozone may ditch plans for private ESM involvement, Germany softening on eurobonds S&P downgrades Belgium to AA from AA+ on financial sector risks ECB’s Mersch says 1yr refinancing a problem at European banks; ECB could take action but not yet RTRS: Eurozone official says ECB won’t [...]

A great deal of instant analysis will be written about Black Friday shopping in the US and with the data schedule light on Monday there is a chance it could be the main theme on Monday. My feeling is that it’s extremely difficult to get a clean reading on the numbers. First, the level of [...]

It looks like it’s curtains for the FX market. CAD had a small pop and drop but nothing else is moving. Stocks, bonds and futures are closed now with two hours left in FX. The only thing I can think of that might awaken the market is a change in the US credit outlook from [...]

WTI gains $0.60 to $96.77 Brent down $1.38 to $106.40. The spread is getting back to more normal levels. The resilience of WTI has been impressive, down just $0.64 on the week, despite broad risk aversion. The weekly chart looked ready for a reversal last Friday but less-so now.

Belgian finmin: S&P rating cut makes 2012 budget deal urgent

ROME (MNI) – Structural and fiscal reforms planned by Italy’s new government are a “step in the right direction” and more reforms are expected in the future, EU Economics and Monetary Affairs Commissioner Olli Rehn said on Friday. “This package of reforms is a positive step in the right direction, but I expect that more [...]

S&P 500 down 0.23% to 1159 Down 4.7% on the week

Downgraded one notch to AA on financial sector risks, outlook remains negative It was initially reported as Fitch but corrected to S&P S&P says downgrade reflects risks due to funding and market pressure risks stem from likelihood growth will slow

There’s still a chance for some of the main FX pairs to break out of their daily ranges. Cable just pushed below 1.5450 USD/JPY traders are covering on fears of Sunday MOF intervention

BERLIN (MNI) – German Finance Minister Wolfgang Schaeuble, Dutch Finance Minister Jan Kees de Jager and Finnish Finance Minister Jutta Urpilainen said Friday at a joint press conference here that they favor an increase of the role of the IMF in the Eurozone debt crisis. “We need to build up the firewall and today we [...]

S&P 500 back in negative territory at 1161 after climbing has high as 1172 in the early going. Relentlessly negative market right now. Comments from European leaders consistently lack the urgency the market is looking for.

As I mentioned earlier, US stocks close in an hour so we won’t have the usual lunchtime lull. The CFTC COT report has been delayed until Monday so the docket is scraped clean for the week.

LONDON (MNI) – The European Central Bank will take more steps to enhance market liquidity if it needs to do so but at present it does not believe it is required, Executive Board member Jose Manuel Gonzalez-Paramo said. Speaking to reporters here Paramo said “If we need to do more we will” adding “this is [...]

Reuters is on fire today with the exclusives. They’re now citing a eurozone official saying if yields continue to rise and EFSF leverage fails, more ECB involvement could be the only immediate response. Also saying tighter fiscal integration could give the ECB the green light for bond intervention.

FRANKFURT (MNI) – ECB Executive Board member Jose Manuel Gonzalez-Paramo said Friday that contagion from the Greek debt crisis had now spread to the core of Europe and was even eroding the credit-worthiness of Germany. In the text of a speech delivered in London, Paramo said: “There is a growing body of evidence which shows [...]

Eurobonds are not acceptable to us, fin min says An increased role for the ECB could be considered if there are no other options

Greeks drive hard bargain as creditor talks start This is the aforementioned article.

European stocks avoided a 10-day losing streak. FTSE 100 +0.6% DAX +1.1% CAC-40 +1.2% Spain IBEX +0.4% Portugal PSI +0.4% Italy FTSE MIB +0.1% (big comeback from the lows)

So it was Germany, Holland and Finland after all but the comments are, so far, nothing. German fin min says agreed in talks with Dutch and Finnish counterparts that limited EU treaty changes needed. Dutch fin min says favors enhanced IMF role

Reuters is running some headlines from a source about Greece stepping outside the IIF to talk to creditors about harsher terms on the bond swap. Could get ugly. Should weigh on EUR. The Greeks are demanding that the new bonds’ Net Present Value, — a measure of the current worth of their future cash flows [...]