1. Fitch hit the wires, downgrading Italy to A+ with a negative outlook and Spain to AA- from AA+. The latter is more significant than the former as it puts Fitch out ahead of both Moody's and S&P on Spain's long term ratings.
2. New telecom policy announced by Indian Government
3. Negative list of services is under consideration to cover all services under service Tax except those mentioned in the Negative list . Presently only 100+ services are Taxable
4. India and the 10-member Association of Southeast Asian Nations (Asean) countries meeting again to accelerate the talks on having a deal in services. The upcoming round of talks, started on October 11-12, is expected to be a stormy one. Trade ministers from all the member countries would participate in the meeting. The services deal between India and Asean has been stuck for years now.
5. France and Germany have set themselves a deadline of the end of October to reach agreement on a comprehensive package of measures to stabilise the eurozone, including the recapitalisation of European banks if they need it. Angela Merkel, the German chancellor, and France’s President Nicolas Sarkozy spelt out their determination to defend the stability of the euro as they met for a bilateral summit in Berlin, but refused to spell out any further details of their plans.
6. Japan pledge to buy EFSF Bonds
7. The Senate on Tuesday blocked President Barack Obama's $447 billion jobs bill, highlighting the confrontation between Republicans and a president who has been traveling the country exhorting Congress to pass the measure. The vote was 50-49 in favor of the bill, which needed 60 votes to move forward. Democratic leaders worked hard to keep enough of their members on board to garner a simple majority, though the victory was largely symbolic. - WSJ
8. The U.S. Senate voted Tuesday to pass legislation targeting China's management of its currency, the yuan, underscoring U.S. frustration with one of its largest trading partners. Although the bill is unlikely to become law, the Senate debate has kept a public focus on the currency issue as the two countries remain at odds over China's control of the yuan. In recent days, the Chinese central bank has intervened in currency markets to drive up the value of the yuan against the dollar, a development in line with U.S. goals.
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