Banana Republic Watch

Since gasoline prices are so important during an election year, the U.S. has decided to release some emergency oil reserves from its strategic petroleum reserve and is requesting that the UK do so as well. From The Telegraph – Debt crisis: as it happens

15.26 Reuters is reporting that the UK expects a formal request shortly from the US to release its emergency oil reserves. Brent has fallen on that news.

Although sooner afterwards, an Obama aide declared the release as “inaccurate.”

And stocks stayed up on this news from ratings agency S&P:

16.26 S&P has said that the outlook on the US remains negative. Ratings agency says it is improbably any economic improvement would bring back AAA.

US markets still in positive territory though. Dow up 0.3pc, S&P 500 up 0.5pc, Nasdaq up 0.5pc.

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