MORNING COFFEE

Moody’s Downgrades Ireland. Moody's downgraded Ireland one notch to Aa2.  Moody’s cited the country’s ongoing loss of financial strength and the country's weakened growth prospects for the reason of the downgrade. Moody's also said that the deterioration in the government's debt to be "severe," but changed its outlook on Ireland's rating to stable from negative.

IMF & EU Stop Talks With Hungary. The IMF and EU suspended Hungary's funding program, which was set up to rescue the country's finances.  The move blocks Hungary’s access to the remaining $25.1 billion remaining in the rescue plan. The news could affect European equity and credit markets.

Earnings Reports

Haliburton (HAL): Reported Q2 EPS of $0.52 beating estimates by +$0.15 on revenue of $4.39 billion.

Hasbro (HAS): Reported Q2 EPS of $0.29 beating estimates by +$0.06 on revenue of $751 million.

·          Futures: Dow +0.5%. S&P +0.5%. Nasdaq +0.5%. Crude -0.1% to $75.90. Gold +0.2% to $1191.

·         Asia: Hong Kong -0.8% to 20091. China +2.1% to 2475. India -0.1% to 17928. Japan closed.

·         Europe: London -0.4%. Paris +0.8%. Frankfurt +0.5%.