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WireTap 1400 1/12/11

A round-up of the key stories across the specialist financial media, including how Mario Draghi is calling for "fiscal compact" between governments

Draghi calls for "fiscal compact" 

Mario Draghi, president of the European Central Bank, has called for a “fiscal compact” between governments to restore investor confidence in the eurozone – and hinted such a step could pave the way for a more aggressive ECB response to the region’s debt crisis.

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Relief at Spain debt sale but yields still high 

Spain sold the maximum amount targeted at a sale of bonds on Thursday, and its cost of borrowing held well below highs reached on bond markets last week, helping ease immediate nerves over its ability to fund public finances.

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US stock futures flat after strong rally 

US stock futures were little changed on Thursday after Wall Street’s rally in the previous session, as investors digested weak economic data from China, and as Spain and France sold bonds.

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Australia’s top four banks downgraded by S&P on new criteria 

Commonwealth Bank of Australia, the nation’s largest bank, and its three biggest rivals were among Asia-Pacific financial institutions downgraded by Standard & Poor’s after a revision of its rating criteria.

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Sensex index advances to two-week high on speculation RBI may boost cash 

Indian stocks jumped to a two-week high, tracking global equities, after measures by six central banks to boost economic growth stoked speculation that the Asian nation’s monetary authority may pause interest rate increases.

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