Why it's a good day to keep an eye on the market until the bitter end

Big names on the sovereign calendar

It's a big day for sovereign ratings with the major economies in Europe to be reviewed.

The big one is Italy which S&P will review. Their current rating is BBB with a stable rating after an upgrade from BBB- last October. Expect the outlook to be lowered to negative but anything worse would hurt sentiment.

Moody's is also updating its rating on France, S&P will look at German debt and both S&P and Fitch with review the UK. Expect plenty of hand-wringing about Brexit but no action. S&P has already taken away the UK's AAA rating and has a negative outlook. Fitch also has it at AA with a negative outlook.