UniCredit SpA (UCG), Intesa Sanpaolo SpA and Banca Monte dei Paschi di Siena SpA (BMPS) are among 34 Italian financial firms downgraded by Standard & Poor's.
Ratings agency Standard & Poor's has downgraded Egypt's credit rating further as the ongoing upheaval in the country continues.
Leading fund managers are favouring US equities over markets including China and Europe as the appeal of owning dollar assets helps spark a shift into the world's largest economy.
Asia fund managers have mixed views on the timing of buying opportunities in China despite a consensus view inflation has peaked, according to Standard & Poor's.