Quick Overview

• S&P cuts Italy's sovereign-debt rating to A.

• German PPI YoY rose 5.5%

• Swiss exports fell 7% MoM in August

• Construction output in the Eurozone rose by 1.4 MoM

• The Greek economy may contract by 5.5%t this year said the IMF

• YoY Sweden's GDP rose by 4.9% in Q2

• YoY Chinas pork price in August rose 45.5%. Food prices account for about one third of the weighting in Chinas CPI.
• Talks continue about China buying corn… China has decided to release 3.7 Million tonnes from their state reserves… China's domestic Corn shortfall will reach 11 mil tons by 2015, up from 1 mil tons in 2010, a gov. official said…

• (AP) -- U.S. Attorney General Eric Holder says that the Obama administration will do its utmost to close the U.S. prison at Guantanamo Bay ahead of next year's presidential elections despite political opposition.

• The Fed's two day meeting, from which the market is hoping for QE3, starts today.