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Egan-Jones Cuts US Debt Rating To AA- and Global Tensions Escalates

Its Monday morning and the start of the trading week in Europe, and though there has been unrest in the Middle East, political tensions increasing between Japan and China, the mainstream UK press is focused on the pictures taken of a royal while sunbathing.

The escalating unrest in the Middle East is likely to unsettle investors and push up the prices of Oil due to the uncertainty of future supply. Protesters have been outside western embassies and Al-Qaeda brazenly attacked the ISAF base in Afghanistan. With continuing turmoil in the region, fears remain that the Israel Iran conflict could ignite, which would have a substantial impact of crude prices.

Analysts continue to eye the potential bailout of Spain as the standoff with the ECB continues. Macro data is relatively thin for the first trading session in Europe, with EU current account and trade balance.

Headlines

Egan-Jones cuts US debt rating to AA- from AA

One of China’s biggest lenders plans to make the country’s largest foreign bank purchase to date and has set its sights on potential targets in Europe – Financial Times

The London Olympic Games has delivered the most bruising summer for six years to Britain's cinemas -The Times

MPs to grill senior civil servants over their handling of Northern Rock, after claims that taxpayers could still face £2bn losses - The Daily Telegraph

Direct Line is expected to announce further job losses after confirming the terms of its IPO – CityAM

Citi have cut their forecast for Chinese GDP in 2013 to 7.6% from 8.0%

Apple share prices is eyeing the price of $700

*For Aussie traders the RBA meeting minutes are released in the early hours of Tuesday morning (London)*

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