The threat from Standard & Poor’s that Europe’s six biggest economies may see their top-notch ratings downgraded has thrown some grit into the risk asset rally.

 

European bourses and US futures are near session highs, however, after stronger than expected German industrial orders data eased concerns about the health of the continent’s economy.

The FTSE All-World is down 0.4 per cent, industrial commodities are mixed and the dollar a touch weaker. S&P 500 futures suggest Wall Street will gain 0.3 per cent at the open, while the FTSE Eurofirst 300 is well off its lows and is flat on the day.