European stock futures continue to tank

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• Complete S&P report
• S&P cuts US to AA+, outlook negative
• Boy, those ratings agencies really do suck…
• US expecting S&P downgrade: ABC
• CFTC Allows Whistleblowers to Collect a Free
• ForexLive US wrap: Payrolls, accelerated Italian reforms pull markets out of dive
• Berlusconi: Emergency G7 meeting not decided
• Bad week? Don’t cry…
• IDB/TIPP consumer optimism index falls to record low
• CFTC Adopts Rules to Expose ‘Dark Market’
• S&P futures getting smoked
• Consumer credit rises $15.5 bln in June
• Berlusconi: G7 ministers meeting sought “within a few days”
• Berlusconi says he and Sarkozy agree on the need for an early G7 meeting
• Berlusconi confirms accelerated reforms
• Is this thing on? Part Deux
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• Is this thing on? Testing, 1-2
• 
  
• European stock futures continue to tank

Complete S&P report Posted: Available here.

S&P cuts US to AA+, outlook negative Posted: Math error be damned, S&P goes ahead and cuts the US to AA+. No exactly a shock as rumors swirled for hours during the US session that a cut was imminent. Expect a volatile open on Monday.

Boy, those ratings agencies really do suck… Posted: US avoids immediate downgrade by finding a math error… Sometimes stereotypes are deserved. If you are going to downgrade the benchmark for global credit, at least get your sums right…

US expecting S&P downgrade: ABC Posted: It has not come yet, but even the White House is expecting S&P to cut a notch or two… Ratings agencies usually tip-off the object of ratings action so that they can coordinate a response. http://blogs.abcnews.com/politicalpunch/2011/08/govt-official-us-expecting-sp-downgrade.html

CFTC Allows Whistleblowers to Collect a Free Posted: The CFTC voted 4-1 to complete a rule that will let corporate whistleblowers collect up to 30 percent of penalties when they report financial wrongdoing to the agency. Whistleblowers would be eligible if information they provide leads to a successful enforcement action that results in sanctions of at least $1 million. More specifically, CFTC panel [...]

ForexLive US wrap: Payrolls, accelerated Italian reforms pull markets out of dive Posted: US payrolls rise 117,000 in July; June revised up to 46,000 from 18,000 Rumors swirled that S&P may downgrade US debt Reuters: ECB will buy Italian bonds if Coniferous accelerates reform Berlusconi announces package of accelerated reforms including introduction of balanced budget amendment; labor, welfare reforms Goldman’s US economist: Chance of US recession 33% Berlusconi [...]

Berlusconi: Emergency G7 meeting not decided Posted: Though Italy favors one…

Bad week? Don’t cry… Posted:

IDB/TIPP consumer optimism index falls to record low Posted: Not sure of the the life span of this index but it has been around for the last few years at least. It sits at 35.8, down 5.6 points

CFTC Adopts Rules to Expose ‘Dark Market’ Posted: The U.S. Commodity Futures Trading Commission (CFTC) approved rules and regulations to govern information databases. The rules apply to companies at the center of the $601 trillion swaps market. Enacted in July 2010, Dodd-Frank Act focused to reducing risk and boosting transparency in the swaps market after largely unregulated transactions helped increase the 2008 credit [...]

S&P futures getting smoked Posted: They’ve dropped 1.5% in about 15 minutes… Expect some more risk off. We trade at 1.4262.

Consumer credit rises $15.5 bln in June Posted: Largest rise in 4 years Auto and student loans (non-revolving debt) rises $10.3 bln

Berlusconi: G7 ministers meeting sought “within a few days” Posted: Sunday? EUR/USD is lifting on short-covering, now at 1.4287.

Berlusconi says he and Sarkozy agree on the need for an early G7 meeting Posted: Like the G7 can do anything in this day and age…

Berlusconi confirms accelerated reforms Posted: Balanced budget amendment will be introduced Aim to balance budget by 2013, a year earlier than previously planned Tremonti: Measures will be introduced by September We’ve had any number of countries accelerate reforms and make promises while we have also seen the ECB buy EUR 75 bln or so of bonds of peripheral nations yet [...]

Is this thing on? Part Deux Posted: So how was your day? Pretty quiet here at ForexLive global headquarters. Major problems with our backend, which is now 4-5 times the size it was before. Bigger doesn’t always mean better and we are having some growing pains for sure. A pain in the backend…

Posted: A bit of a short-covering rally ahead of the US news. Should give you some sense that the market now is positioned for “risk-off”. The risk now is for better data setting off a squeeze. EUR, AUD and CAD should rally on strong data. CHF and JPY should fall.

Is this thing on? Testing, 1-2 Posted: Payrolls up next. Consensus is for a rise of 85,000.

Posted: Topic of talk will be current euro zone situation No shit sherlock.

European stock futures continue to tank Posted: Eurostoxx 50 futures down -2.8% Gemany’s DAX down -3.9%, CAC 40 down -2.7% Oil prices continue to plummet, NYM light crude off about 3 bucks at 83.65.