1. Fed details bond buying schedule — the Federal Reserve announced its tentative Permanent Open Market Operations schedule, consisting of around $105B in government bond purchases over the next month.
2. Moody’s upgrades China — Moody’s upgraded China’s sovereign debt rating this morning to Aa3 from A1 and maintained a positive outlook.
3. Ireland on the brink as budget crunch looms — after promising a 15 billion euro ($20.7 billion) austerity package of spending cuts and tax hikes, Ireland’s government may be facing its last chance to avoid a bailout by persuading markets that the country can repay its debts.
4. Portugal, Ireland, Spain CDS spreads hit records — fears surrounding sovereign-debt problems on the periphery of the euro zone drove the cost of protecting the debt of Ireland, Portugal and Spain to record highs on Thursday, according to data provider Markit. The spread on five-year Portuguese credit-default swaps widened to 505 basis points from around 491 on Wednesday, topping the 500-level for the first time.

Interesting video from a well-respected Fund manager Jeremy Grantham regarding stocks valuation — from CNBC.

The week ahead — Economic data from Econoday.com:

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