Quick Overview

• Japan pledged to buy bonds backed by European governments.

• (MW) Speculation intensifies that Portugal will be forced to seek a bailout.
• Portugal does not need to apply for EU aid, Spain's Economy Minister said.

• One week after taking office, California Governor Jerry Brown announced a balanced state budget on Monday which slashes state spending by 12.5 billion U.S. dollars.

• A Fed. official said he would set the bar "very high" for the central bank to stop short in its planned $600 billion in bond purchases, but that the Fed may need to begin considering a reversal of policy by year end.