- US Equities reversed some their opening losses on Monday to end the session 1% lower. The S&P dropped 0.98% led by financials. This morning, Asian shares trade mixed to slightly higher.
- Rating agency Standard & Poor’s downgraded its unsolicited long- and short term sovereign ratings on Italy by one notch to A/A-1 and kept its outlook on negative, reflecting its view of Italy’s weakening economic growth prospects and the fragile governing coalition and policy differences within parliament which will likely continue to limit the government’s ability to respond decisively.
- US President Obama laid out a $3.6 trillion plan to cut US budget deficits partly by raising taxes on the rich, but Republicans rejected it as a political stunt and made clear the proposal had little chance of becoming law.
- Greece may hold a voter referendum on euro zone membership as a way to strengthen the government’s hand in dealing with the debt crisis within the euro zone or by existing the single currency, the Kathimerini English newspaper reported on its website.
- Greek Finance Minister Venizelos said the country would do what was necessary to get the aid but would not allow itself to be a scapegoat for euro zone policymakers who had failed to deal with the region’s debt woes.
- According to sources, Bank of China, a big market-maker in China’s onshore FX market, has stopped foreign exchanged forwards and swap trading with several European banks due to the unfolding debt crisis in Europe.
- The Japanese government released its interim plan for dealing with the impact of the strong yen, saying it would take steps to firm up the nation’s economy while remaining ready to take decisive action if necessary.
- Brent crude oil prices dropped below $110/barrel on Monday as continued problems in Greece are threatening the global recovery. Gold prices dropped further from record high levels early this month ahead of the key FOMC meeting.
- Today, the eco calendar contains the German ZEW and US housing starts and building permits. Spain and Greece will tap the market (T-Bills).
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GD Star RatingForex – Commodities – Stocks: Headlines of September 20th,