Eurozone crisis: Eurobond battle escalates as recession fears grow - live.

(From Guardian Unlimited)

8.48am: The disappointing manufacturing data from China overnight send world stock markets down to a 6-week low this morning (as measured by the MCSI All-Country world index ). But in truth, there's little real drama in the City yet - FTSE 100 lost 50 points at the start of trading, but is now down just 17 points.

8.39am: We're expecting Barroso, and Olli Rehn, to present their plans for eurobonds/stability bonds at 11.30am GMT, along with their new rules giving the EC the ability to request a rewrite if a euro-member's budget is deemed unacceptable.

Other key events on the agenda today:• Eurozone PMI data for services, and manufacturing - 9am GMT/10am CET • Bank of England minutes - 9.30am GMT• US durable goods, personal income, + personal spending figures for October - 1.30pm GMT/8.30am EST • US University of Michigan Confidence report for November

8.17am: For many ex-prime …