Good morning. Here's what you need to know:
* Greece shares are surging on renewed hope of some kind of bailout. Yesterday Barack Obama put pressure on Germany's Angela Merkel, and the IMF has pledged increased support. Of course, we've seen this movie before.
* Sovereign debt spreads are narrower across the board, suggesting a day of breathing room after the madness of this week.
* Goldman Sachs (GS) may be nearing a settlement with the SEC, according to the New York Post.
* The massive oil spill in the gulf is 5x more severe than previously thought.
* Weekly jobless claims are out at 8:30 AM. Analysts are expecting initial claims of 445K. Check back here for the results.
* UK traders are buzzing about their own sovereign debt risks, and fears that S&P will reduce its ratings next. The origin, according to FT Alphaville, is a specific Barclays report, though there doesn't seem to be much to it.
* Speaking of the UK, the Labour party is in serious damage control mode after the Prime Minister's horrendous gaffe yesterday, when he called a little old lady a bigot. Word from the Labour party is that yes, immigration questions are perfectly legitimate. A major debate is scheduled for tonight.
* France's Sarkozy pays official state visit to China in effort to strengthen ties between the two countries.
* Today labor unions will descend onto Wall Street for a day of protest. Should make for some good pictures.
* Shares of Procter & Gamble (PG) are slipping pre-market after the company reported light revenues.
* BONUS: A new report from UK's Daily Mirror claims Tiger Woods has enumerated the exact number of women he cheated with. The number is... wait for it... 121.