Data :

August 3rd, Dagong Global, China’s rating agency has cut US rating from A+ to A. Chen Jialin, general manager of the international department declares to CNBC the firm has also put the US on negative outlook.

August 5th, S&P follow the move with a similar decision regarding US sovereign debt. Negative comments made by officials outside the US about S&P’s decision must be cautioned and questioned under the lack of similar comments that followed Dagong’s decision with in mind China owns up to 22% of US Debt something it is hard to think Dagong ignored?

Privately negotiated CDS market data show for last week the cost of insuring US debt against default on five years notes went down by 11% to 55.4, the cost to insure Germany’s debt went up by 15.6% to 74.2, the cost to insure France’s debt went up by 18.2% to 143.8, the cost to insure Australia’s debt went up by 21.5% to 69.3, the cost to insure the UK’s debt went up by 4.5% to 77.

What have u got?

Haven’t gone through all the data yet, but uncertainty will probably prove treasuries to remain a safe haven, deepest and most liquid market?

UK for now getting dividends of the tough cuts made in the budget and the social welfare spending but I guess to stay under a close watch to check if the Gov follow through the cuts.

Australia’s revenues came under scrutiny should commodities price to get a hit with the global economy slowing.

Germany starts to see the effect of the multiple bailouts in Europe, the costs cannot be ignored and will continue to impact for the near future the CDSs price. There is a good chance than more downgrades of peripheral countries will now be read in Germany’s rating.