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In Europe, Moody’s have lowered their outlook to negative on the provisional Aaa rating of the EFSF, newswires report that Greece is seen to miss EU/IMF debt reduction targets and may face further debt restructuring.

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Asia lower again this morning, mainly on concerns on Chinese growth after the IMF said that the economy is making a soft landing, but significant downside risks remain.

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Risk off continues to dominate markets with the Euro slipping below 1.21 again versus the Dollar. Spain and Italy both sharply lower again, with the former down around 3%. Italian and Spanish debt have reversed gains made earlier in the session with yields on the latter rising to just shy of 7.5%.

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Asian markets slightly better this morning, a preliminary manufacturing PMI reading out of China this morning showed that the slowdown may be easing with recent easing measures starting to work.

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The euro continues its aggressive sell off now trading at 1.207, risk assets selling off hard with it, with European bourses trading over 3% lower, Italy being hardest hit. Both Italy and Spain have introduced new short selling bans on stocks in a bid to alleviate fears.

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US futures are looking around 50bps easier, relatively quiet for economic data today, but watch out for earnings from McDonalds (EPS estimate $1.37) and Texas Instruments (34 cents).

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The Euro is again sharply lower this morning, breaching the 1.21 level, with the EURJPY cross at 11 year lows, whilst the Spanish 10 year yield has reached Euro era records of 7.368%. Equity futures for Europe are looking at falls of between 1 and 1.5%.

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Asian stocks are sharply lower this morning as a Chinese central bank board member warned of slowing growth and renewed concern that Greece may leave the Euro. The latter highlighted by reports suggesting that the IMF is considering ending its support for Greece, with the Troika (IMF, ECB and EU) due to visit on Tuesday.

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Talk earlier in the day that Spain’s Valencia region would seek Government help to repay debt, put pressure on the Euro and brought on heavy selling for risk assets. Italian and Spanish bourses have been particularly hard hit trading well over 4% lower on the session. The Euro has made fresh 2 year lows and looks vulnerable in the sessions ahead. There is talk in the market of a note calling for negative deposit rates from the ECB by the fall.

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Asian markets are trading lower, with Japan’s Nikkei hardest hit down 1.4%, no significant news out on light volume.

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US markets closed at session highs last night following better than expected housing data, look out for earnings from Morgan Stanley(estimate 29 cents), Philip Morris ($1.35), Freeport Mcmoran (75 cents) and Verizon (64 cents).

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In Europe, German lawmakers are due to vote today after the Finance Ministry asked parliament to support the 100bn Euro aid package for Spanish banks. On the corporate front, blue chip names Novartis and Akzo Nobel have both released better than expected earnings.

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Asian markets are sharply higher this morning, there were rumours overnight of China cutting the RRR, Australia was the standout mover up around 2% amid unconfirmed reports that the Bundesbank are to add AUD to FX reserves before the end of September.

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The Euro has sold off in the last hour, with vague market talk of an Austrian sovereign debt downgrade, the pair traded a shade above 1.23 early this morning but is now at session lows just above 1.223. With it we have seen a sell off in risk assets, with equities pretty much unchanged on the session having been around 0.5% better.

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Out of Europe, according to a draft document the Spanish bank rescue plan between Spain and the EFSF contains a 10bn Euro cushion. ECB’s Asmussen has said it is too early to say if any Spanish Banks would need to be wound down. European Equities are looking around 30bps better.

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