CPI Financial

Moody’s downgrades 15 large global banks; UK inflation falls to 2.8 per cent in April; Fed extends operation Twist until the end of 2012. $267 billion worth of tenor swap operations will be added to the whole programme; ECB cuts rating threshold and amends eligibility requirements for some asset-backed securities; German IFO Index falls to 105.3 in June, down from 106.9 in May, whilst German PMI figures weaken to 44.7 in June, down from 45.2 in April; France, Germany, Italy and Spain agree to a Euro 130 Billion growth package. They also move closer towards the introduction of a tax on financial transactions; the Indian rupee finishes the week at 57.06.