European morning wrap: It's the end of the World as we know it……..

Irish European Affairs Minister:  "Very very confident" vote on EU treaty will be passed Syriza's Tsipras:  Syriza's plan promises Greece an equal role in the eurozone German FinMin spokesman:  Recognises that Spanish economic woes make it difficult for country to bring down deficit to 3% by 2013 Portuguese Secretary of State: Portugal will not restructure its debt.  Won't ask for more money or more time Italian adj jobless hits 10.2% in April, up from 10.1% in March and worse than Reuter's median forecast of 9.9%.  High since January 2004 Eurozone April unemployment 11%, unchanged from upwardly revised March read (prev 10.9%) Eurozone May final manufacturing PMI 45.1 (from flash 45.0) lowest read since June 2009 Swiss May PMI 45.4, down from 49.7 in April and weaker than Reuter's median forecast of 48.5 UK May manufacturing PMI 45.9, down from 49.0 in April. Weaker than Reuter's median forecast of 49.8 and lowest since May 2009 German new car market declined by around 7% in May. Remained flat adjusted for May vacation - VDIK EU's Rehn: Reiterates Spain may get 1 year deficit extension Kinda depressing ain't it.  Certainly a risk-off Friday so far. European stocks, oil, gold, US treasury yields all lower.  Yen and dollar beneficiaries in forex markets. EUR/USD down at 1.2320 from early 1.2345 having been as low as 1.2310 so far.  Battle of 1.2300 barrier options well and truly joined. USD/JPY down at 78.10 from early 78.45, battle of 78.00 barrier options well and truly joined. Benchmark US treasury yield down at 1.5290% from 1.5713% first thing. Cable down at 1.5292 from early 1.5365 having been as low as 1.5265 at one stage.  EUR/GBP up at .8055 from early .8032, having been as high as .8078 at one stage. Cable came under accelerated selling pressure when sell stops tripped through 1.5360.  Barrier option interest was noted at both 1.5330 and 1.5300 but they were blown away without any trouble.  The release of really poor manufacturing PMI (see above) just compounded early sterling weakness.