90 at 9: S&P threatens UK rating downgrade; US borrowing expands; Dow drops

Bernard Hickey details the key news in 90 seconds at 9am in association with ASB, including Standard and Poor's threat to downgrade Britain's AAA sovereign credit rating because it debt may hit 100% of GDP soon. Also, the US Treasury announced plans to sell US$101 billion of bonds in the next week and the US Federal Reserve said it would only buy back US$7.4 billion of bonds or 16% of that offered. US bond yields rose and the Dow fell 3% in late trade. The New Zealand dollar was firm near 61 USc as worries about an effective devaluation driven by money printing weighed on an already weak US dollar.