Heading into the weekend, markets are sure to focus on the headlines surrounding the EU Finance Minister meeting that will be finishing today. The major highlights from yesterday's session were a little on the dull side; excerpts from various Finance Ministers were that the EFSF would be used to fund the Spanish bailout until the ESM was ratified and ready (entailing subordination of current debt) and that the combined firewall funds are able to purchase bonds of Spain and Italy in the secondary market to depress yields. But some conditions would most likely be imposed if this were to occur. Be mindful of anything material to come out of the meeting today, as it will most likely set the stage for the European Union summit meeting at the end of next week, where leaders will attempt to discuss closer fiscal unity and the potential for a banking union.
Have a great weekend!