Morning in brief: UK banks reduce periphery exposure as S&P warns of more downgrades

Soaring bond yields in peripheral nations cause US and Asian stock prices to sink. Lucas Papademos makes final details of 2012 budget public.

International

Greek Prime Minister Lucas Papademos will today unveil the final 2012 budget having won yesterday’s vote of confidence and secured a three-month window in which to address the financial situation, reports Bloomberg.

The FT has compiled data demonstrating that UK banks have continued to reduce their lending exposure to the eurozone’s peripheral nations in light of the sovereign debt crisis

Markets

The sovereign debt crisis has caused US and Asian share prices to fall further as Greece prepares to reveal its final budget for 2012, says the BBC.

Oil prices have started to come down as the commodity heads for its first weekly drop since September, reports Bloomberg.

Companies

Ratings agency Standard & Poor’s has confirmed that it plans to update ratings for 30 of the world’s biggest banks within three weeks, writes Reuters.

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