Republicans Refuse US Budget Deficit Plan
Fiona Cincotta July 29, 2011 4:41 PM
<p>FTSE down 30 at 5840, tracing falls on Wall Street and Asia overnight. Continued possibility that US could default on its debt. Last night some […]</p>
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- FTSE down 30 at 5840, tracing falls on Wall Street and Asia overnight.
- Continued possibility that US could default on its debt.
- Last night some Republicans refused to back a budget deficit plan proposed by their own Congressional leader.
- Given the deadlock, traders are likely to be risk-averse heading into the weekend.
- European debt worries were also revived after rating agency Moody’s placed Spain’s AA2 rating on review for a possible downgrade.
- Macro economic data today: US GDP data will be released at 1.30pm (London time), followed by US PPI figures at 13.45pm and the University of Michigan Consumer Sentiment Survey at 2.55pm (London time).