With the European Union (EU) leaders meeting later on Thursday and Friday in Brussels the Portuguese bailout question is the center of market focus.

The market has been speculating the summit to result in a final decision on Portugal and that is a very sensitive element, especially after Jose Socrates's resignation and the President Anibal Cavaco Silva's insistence that he still officially represent Portugal in the summit.

According to news reports, Eurogroup chief Jean-Claude Juncker told France 24 television that Portugal would likely seek a bailout and likely around 75 billion euros which he called appropriate.

As for the Dow Jones it also participated with a quote from a senior euro zone official saying Portugal's bailout will be among the top issues at the summit talks today and tomorrow. I believe they will seek the loan soon. Meanwhile, Bloomberg reported an estimate of a bailout of around 70 billion euro from two European officials with direct knowledge of the matter.