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Business News Roundup: RBS, Lloyds Banking Group, Barclays, Glencore Bumi deal, Google beats Wall Street, CBI.

The team at Investors Intelligence have this morning updated clients on where the share price of the UKs leading banks have been, and could be headed:

Barclays plc (LON:BARC) - Countermanded the entire upside breakout. This bodes ill on its short-term trend. The next key question is whether prices will stay above the 150p level. Should this line fails, reduce longs.

Royal Bank of Scotland Group plc (LON:RBS) - Crossed above the 50-day moving average but failed to lead to upside follow-through. This is a sign of an impending 'bull trap'. A test of the mid-range at 23p is possible. Watch to reduce if this level fails.

Lloyds Banking Group plc (LON:LLOY) - Encountered strong resistance at 36-38p to snuff out the recovery rally. Medium-term, the downtrend prevails. So, we would not rule out a test of the 30p support.

Spain takes a sovereign debt rating hit

Standard & Poor’s has downgraded Spain’s sovereign debt rating, citing slowing growth and a weakening financial system. In an announcement late on Thursday, the rating agency knocked Spain’s rating down one notch from double A, where it has been since last April, to double A minus. It also kept the country’s rating on a negative outlook, writes the Financial Times.

Glencore looks to get into Bumi

Glencore, the world's biggest commodities trader, is in advanced discussions to lend Indonesia's Bakrie brothers about $900m (£572m). The deal could give the Swiss-based, London-listed trader a stake and preferential trading rights in Bumi, the Indonesian coal company formed by the brothers and the financier Nat Rothschild.

Although the brothers are in talks with several potential saviours, sources indicated last night that they were most likely to strike a deal with Glencore, according to the Independent.

Google results 'defy' slowdown

Google defied the global economic slowdown last night by posting a 26% rise in net profits for the last quarter. The internet search engine company also claimed to be making strides in its battle with Facebook, announcing that more than 40 million users have joined Google+, its social network.

Google beat Wall Street expectations by reporting net income of $2.73bn (£1.73bn) for the three months to 30 September, from $2.17bn a year ago, the Guardian reports.

European Union

Ill-judged regulation of the financial services sector by the European Union could damage UK growth, the CBI warned on Thursday night. John Cridland, director-general of the business group, said that a number of proposed regulations from Brussels would hold back London's leading business sectors.

In a strongly-worded speech at the CBI's London dinner, he said: "The likely effect of many of Brussels' current proposals will be to damage the UK's prospects for growth. Nowhere is this more acutely the case than for professional and financial services, which are being bombarded with unwarranted regulation," says the Telegraph.