“To me, the “tape” is the final arbiter of any investment decision. I have a cardinal rule: Never fight the tape!” — Martin Zweigs

1. S&P Backs French Triple-A Rating — Standard & Poor’s Corp. confirmed France’s triple-A rating and stable outlook for the country, dispelling investor fears that the top-notch grade of the euro zone’s second-largest economy may be at risk.
2. S.E.C. Files Were Illegally Destroyed — An enforcement lawyer at the Securities and Exchange Commission says that the agency illegally destroyed files and documents related to thousands of early-stage investigations over the last 20 years, according to information released Wednesday by Congressional investigators.
3. DOJ probes S&P for inproper ratings –the Justice Department is reportedly investigating whether S&P improperly rated dozens of mortgage securities in the lead-up to the financial crisis.
4. U.S. regulators step up oversight of EU banks — The NY Fed is reportedly demanding more information from big European banks about whether their U.S. units have the ability to fund themselves.
5. Spain to unveil more austerity — Spain announced further austerity measures in a bid to fend off debt market attacks but avoid the kind of drastic cuts that could damage the ruling Socialists’ chances in November’s general election.
The government is expected to unveil savings of around 5 billion euros ($7 billion) by front-loading tax payments from large businesses and cutting drug costs for regional governments with a new bill on generic medicines.

The week ahead — Economic data from Econoday.com: