-IMF may need $2tn to cover all eventualities.
-BoE's Posen says ECB action may buy 1 to 2 years of time.
-Banks deposited €488.68bn at ECB overnight.
-Greece cuts 2011 public deficit forecast slightly.
-China HSBC services PMI at 52.5 for January, as expected.

FTSE-100: -0.16%
Dax-30: -0.23%
Cac-40: -0.38%
Ibex 35: -0.24%
Euro Stoxx 50: -0.34%

The main European equity benchmarks are now registering small losses. That ahead of this afternoon's US employment report, due out at 1:30pm. Some relevant Eurozone macroeconomic data is also on tap for later in the morning.

Acting as a backdrop, some investors are also said to be in a holding pattern ahead of important negotiations in Greece this weekend.

There is a certain amount of negative news-flow surrounding the banking sector this morning. On the one hand, Bloomberg TV is reporting that Barclays Capital is looking to cut 5% of its senior bankers in its investment banking arm.

In parallel, Nomura is out this morning indicating that Santander may need to add another €2.7bn in provisions.

Of interest as well, remarks from the Bank of England's Posen to the effect that the ECB has bought banks 1 or 2 years of time.

MACROECONOMY

The Eurozone service sector purchasing managers' index for the month of January has come in at 50.4 (Consensus: 50.5).

Eurozone retail sales data due out at 10am.

OTHER MARKETS

Front month Brent futures are rising by 0.231% to the $112.33/barrel mark on the ICE.

The euro/dollar is now down by 0.04% to 1.3141 dollars.

AB

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Barclays (BARC) share price