European Session: S&P Warns of European Bank Downgrades, European Union Uncertainty Weighs on UK Manufacturers

Good day friends, S&P warns of European bank downgrades, The agency said 'recovery and resolution' rules – under which banks will be rescued by bondholder 'bail ins', rather than state bailouts – would hit ratings

Meanwhile, EU uncertainty weighs on UK manufacturers, Warning comes as manufacturers say UK government needs to do more to support sector's recovery, particularly on skills and energy costs

Mario Draghi seeks to revive reviled securities
ECB president says simple forms of the asset-backed securities blamed for sparking the global financial crisis would help revitalise eurozone lending and stabilize the economic growth