The rating agency Fitch warned yesterday that the the credit crisis in Europe might have a serious impact on several US banks having a heavy exposure to Greece, Italy and Spain. The report announced at the end

of the US-session, led to steep falls in the stock prices of J.P. Morgan Chase, Bank of America and other banking institutions.

Dow fall to 1,58 % in last hour’s trading.

EURO/USD is under constant pressure trading at 1.35. USD/JPY keeps stabile at 77. NYMEX brushed through the 100 USD barrel level and reached 102,50. Brent stays on 111 – 112. Gold is slightly down at 1765.

In Sidney president Obama stressed increased US emphasize on the Asian Pacific, and permanent stationing of US troops in Australia. The initiative is seen as a deliberate shift in US policies reflecting US exasperation with Europe’s lack of ability to tackle its economy and financial crisis, and increased worries of China’s emerging world power status. Beijing immediately saw US initiative as an effort towards encirclement.

The situation in Syria continues to be a threat to the peace and stability in the Middle Eastern region. The French Foreign Minister is today visiting Turkey which play a crucial role in the region. Syria seems on the brink of a civil war, and an uncontrolled internal situation may have grave consequences for stabile deliveries of crude and the oil prices.

While US futures are pointing up, Europe is expected to open in the red with both Spanish and Italian bond prices spiraling upwards.

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