Asian stock markets mostly fell. In Japan, a profit warning sent Panasonic's shares falling 4 per cent to their lowest level since 1975, the year of the Betamax. (Bloomberg) The Hang Seng fell 0.3 per cent after cautious Chinese data, while the dollar stayed strong post-payrolls, hitting 80.50 against the yen. The ECB is reviewing whether it has given too generous a valuation to Spanish T-bills pledged to it as collateral. The German newspaper Welt am Sonntag suggested that the short-term government debt should not have been treated as high-quality collateral - garnering a haircut of 0.5 per cent - given that Spain's credit ratings at the main three agencies fall below the required threshold. A revision of the haircut to 5.5 per cent for the €80bn of T-bills pledged at the ECB could require banks to find up to €3bn of fresh collateral to maintain the same level of funding. DBRS, a fourth rating agency used by the central bank, currently gives Spain a rating above the threshold, but Welt am Sonntag argued that this should only apply to "long-term" debt. Wall Street Journal, Welt am Sonntag Growth has fallen to a more moderate pace for China's services sector, according to the latest HSBC PMI data. The survey dropped to 53.5 in October from 54.3 in September. The official non-manufacturing PMI earlier painted a cheerier picture, rising to 55.5 in October from 53.7 in the previous month. Two major austerity votes from Greece this week, conditions for its next bailout tranche. We have to save the country from catastrophe . . . Leaving the euro would be a nightmare and we intend to avert it," said Antonis Samaras, the Greek prime minister, hoping to cajole MPs into supporting both a €13.5bn package of spending cuts this Wednesday and the government's 2013 budget this weekend. While the votes are expected to scrape through, the narrow majority for Samaras" coalition government has been shaken by political defections and unrest, including a 48-hour general strike called for Tuesday. A change in international bank capital rules has helped Bank of America inch closer to resuming shareholder payouts. The Financial Stability Board decided last week to class BofA as a global bank requiring a capital surcharge of 1.5 per cent, below the 2.5 per cent threshold assigned to the very largest lenders. The move strengthens BofA's hand as it waits for Federal Reserve guidance later this month on its capital position, which it will need before planning any "peace dividend" to shareholders. Analysts puzzled over the FSB decision. "The investment community has had one collective "huh?,"" said Mike Mayo at CLSA. G20 policymakers have declared the US fiscal cliff as the biggest short-term threat to the world economy. European officials were especially keen to move avoidance of the cliff, a combination of sharp tax rises and spending cuts at the end of the year, up the agenda at the Mexico City meeting. The G20 itself was again unable to reach consensus on the merits of stimulus versus austerity. "It won't be a straight choice between growth or fiscal rebuilding, such a debate has dangerous aspects," according to one official. S&P has lost a landmark credit ratings case in Australia. The federal court ruled that the agency had been "misleading and deceptive" when it gave AAA ratings to structured notes in 2006, on which 12 Australian councils subsequently lost $16.6m during the financial crisis. The 1,459-page judgement, the first ever against a ratings agency with respect to CPDOs, could be used to support further suits around the world over securities which collapsed in the financial crisis. Bloomberg, Financial Times Kazakhstan's biggest mobile operator plans to list in London. Kcell is expected to announce a £500m partial flotation in the space of a month. But it is waiting to see what happens to Megafon, a Russian mobile operator which is being reviewed by UK listing authorities over its own part-flotation. If you're a stock, vote for deficits, vote for Mitt Romney, says Gavyn Davies. There are currently 407 Goldman partners at large - down 31 since February. Richard Koo on the US: "The challenge now is to maintain fiscal stimuli." Don't let UK mergers policy turn French, says Geoff Owen. Asian markets Nikkei 225 down -64.16 (-0.71%) at 8,987 Topix down -5.39 (-0.72%) at 746.70 Hang Seng down -77.57 (-0.35%) at 22,033 US markets S&P 500 down -13.39 (-0.94%) at 1,414 DJIA down -139.46 (-1.05%) at 13,093 Nasdaq down -37.93 (-1.26%) at 2,982 European markets Eurofirst 300 up +5.20 (+0.47%) at 1,115 FTSE100 up +6.63 (+0.11%) at 5,868 CAC 40 up +17.06 (+0.49%) at 3,492 Dax up +28.18 (+0.38%) at 7,363 Currencies €/$ 1.28 (1.30) $/¥ 80.40 (80.04) £/$ 1.60 (1.61) Commodities ($) Brent Crude (ICE) up 0.51 at 106.19 Light Crude (Nymex) up +0.30 at 85.16 100 Oz Gold (Comex) up 8.70 at 1,682 Copper (Comex) up 1.90 at 350.20 10-year government bond yields (%) US 1.71 UK 1.86 Germany 1.45 CDS (closing levels) Markit iTraxx SovX Western Europe +2.2bps at 110.75bp Markit iTraxx Europe +0.8bps at 127.98bp Markit iTraxx Xover -0.1bps at 511.2bp Markit CDX IG +1.1bps at 97.52bp