After three days of market gains Asian markets fall back in red after the rating agency Standard and Poor downgraded major American banks. Morgan Stanley and J.P. Morgan Chase received lower ratings along with HSBC, UBS and Berkley in Europe increasing fears for a new global banking crisis and a double dip recession. Futures for Europe and US are pointing down before today’s opening.

EU finance ministers agreed on the final fine prints for an Emergency Fund on 440 Billion Euro. This fall short of the expected 1,3 trillion Euros “fire power”. The Fund will guarantee investors up to 30 % of their investments in weaker EU-member’s bonds and also encourage private bond investments. Interest rate on Italian bonds continued to raise beyond alarm levels.

England is preparing for biggest strikes in decades following strict austerity measures hitting mainly state employees, small industries and the weakest citizens in the society. India presented third quarter GNP on 6,9% in line with expectations demonstrating an economic power shift towards Asia.

Oil prices are keeping up on expectations on stronger medium and long term economic growth. NYMEX is 99 and Brent 111. Gold is 1716 down from the morning’s high on 1723. EURO/USD opened at 1.3343, but has fallen back to 1.3296 indicating that the market is less than impressed with the outcome of Finance Minister’s meeting. USD/JPY is at 77,95 with Yen somewhat stronger against the Dollar.