Egan-Jones cuts Spain credit one more notch

Egan-Jones Ratings cut Spain’s credit level further on Tuesday, citing the same weak banking sector that led the agency to downgrade Spain less than a month earlier.

Rise in US home resales bodes well for economy

The pace of sales for existing US homes in April rose to its fastest in nearly two years and a falloff in foreclosures helped cause an unexpected jump in prices, hopeful signs for the economic recovery.

• Wall St ends flat after late bout of volatility

Fitch downgrades Japan rating to A-plus

The ratings agency Fitch on Tuesday lowered its assessment of Japan’s sovereign credit to A-plus, an investment grade just above the likes of Spain and Italy.

UN nuclear monitor sees progress in Tehran

On the eve of international talks in Baghdad over Iran’s disputed nuclear program, the leader of the UN nuclear monitoring arm announced what appeared to be a significant concession from Tehran.

Hollande on collision course with Merkel over bonds

Germany has dismissed a French-led call for EU governments to issue common bonds, a day before a summit which investors are looking to for new measures to counter the bloc’s debt crisis.

• Euro zone crisis can go global: OECD
• Greek Right and liberals unite to fight Left
• Spanish, Italian yields ease on EU summit hopes

JPMorgan’s financial reporting under review

The US Securities and Exchange Commission will look into the “appropriateness and completeness” of JPMorgan Chase & Co’s financial reporting, SEC chairman Mary Schapiro says.

• Wall St ends flat after late bout of volatility

World briefs

Japan’s foreign investments and assets grew to the second-highest level on record as companies used the high yen to make acquisitions abroad.

Anwar faces yet another charge

Malaysia’s government filed has criminal charges against the country’s opposition leader Anwar Ibrahim and two senior allies for alleged involvement in an illegal demonstration in Kuala Lumpur last month.

Euro zone crisis can go global: OECD

Global stocks rose on Tuesday even as the Organisation for Economic Co-operation and Development cut its growth forecast for the euro zone.

• Hollande on collision course with Merkel over bonds

Greek Right and liberals unite to fight Left

Less than a month before new general elections that could determine Greece’s future in the euro zone, the conservative New Democracy Party secured co-operation with a small liberal grouping on Monday in an effort to beat to first place an ascendant leftist political force that has rejected the country’s debt deal with foreigners.

• Hollande on collision course with Merkel over bonds

US still furious with Pakistan

The rift between the US and Pakistan deepened as the NATO summit in Chicago broke up without a deal on Afghanistan supply routes.

NATO calls end to Afghan war

President Barack Obama and leaders of the US’s NATO allies have agreed to end their lead role in the decade-long war in Afghanistan by the middle of next year.