S&P

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.

Standard & Poor's has cut the counterparty credit ratings on three French banks, following its removal of France's AAA rating earlier this month.

S&P's latest raft of downgrades were largely priced into markets, but more worrying is its forecast of a high chance of a deep recession in the region, said Schroders' European economist Azad Zangana.

Bank of England governor Mervyn King has urged investors and public authorities to pay less attention to ratings agencies, which he said have often "rushed" to downgrade.

Ratings agency Standard & Poor's has downgraded the EU bailout fund to AA+ from AAA.

The financial crisis engulfing the eurozone took a fresh twist on Friday after Standard & Poor's cut the credit rating on nine eurozone countries, including France's prized AAA, and Greece's debt talks collapsed without agreement.

Standard & Poor's has downgraded the credit ratings of a raft of eurozone nations including Italy, Spain and Portugal as well as stripping France and Austria of their AAA status.

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EMERGING MARKETS

Standard & Poor's has said it may downgrade the European Union's AAA rating and make further cuts to eurozone banks' credit ratings if a review of eurozone countries prompts mass sovereign downgrades.