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Morning Brief

European shares were called to open broadly higher Friday as the long-awaited Greek debt swap deal made it through.

The Private Sector Initiative (PSI) deal – the largest such restructuring deal in history – eventually got a participation rate of 85.8 percent but needs the Greek government to activate its Collective Action Clauses (CACs).

The deal is an integral part of the 130 billion euros ($172 billion) bailout Greece received from its international creditors last month and is needed to avoid a default.

The deal should wipe out around 100 billion euros from the country’s debt pile.

The International Swaps and Derivatives Association will meet at 2:00 a.m. CET to determine whether a credit event has occurred – which could trigger payouts on credit default swaps on Greek debt.

The Financial Times reported that the UK communications regulator Ofcom has escalated its probe into Rupert Murdoch’s UK media business, British Sky Broadcasting, and whether it is a “fit and proper” owner of a broadcasting licence.

The probe will investigate both James Murdoch and News Corp, where Murdoch is chairman.

The paper is also reporting that British and European Union officials drew up a deal to install a UK commissioner as Europe’s top financial regulator last December in a last-ditch attempt to win David Cameron’s backing for a new fiscal treaty.

In the US, crucial jobs data – which Reuters forecasts suggest will show a further 210,000 jobs were created in February – is awaited. The unemployment rate is expected to hold steady at 8.3 percent.