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European leaders redoubled their efforts to resolve the sovereign debt crisis in the Euro zone which has been going on for 21 months now, in order to relieve some of Greece’s debt burden.

Yesterday Apple, the leading producer of high-tech electronic gadgets and applications, reported record third quarter profits.

It was reported today that European banks will likely have to raise up to €80 billion ($113 billion) of additional reserves to cover possible losses, since the stress tests performed on them have failed to reassure investors.

Today, the upper house of the Italian parliament voted 161 versus 135 to approve a budget austerity plan proposed by Prime Minister Silvio Berlusconi that would cut the federal budget drastically by 2014.

While Europe and America work out their debt problems, the rest of the world is going about its business and showing steady growth.

It seems the world has already grown tired of the continuous stream of negative macroeconomic news, although the real troubles are only just beginning.

It seems all bets have been placed on the EUR/USD support level at $1.4000, as the Euro dropped to this level from $1.4217 in only one day – such a drop hasn’t been seen since June 15.

On Wednesday, the Euro tested the $1.4300 support level against the dollar several times, but still stayed above it. There is quite enough negativity surrounding the Euro for bears to push it even lower.

Yesterday's decision by Moody's Investors Service, one of the most influential credit ratings agencies, to lower Portugal's rating from BAA1 to BA2 has made it the second European country whose bonds are rated at “junk status.”

The market took a break in speculation today regarding a possible increase of interest rates in Europe.