Investors are ringing in the new trading week on a sour note as the congressional "super-committee" in charge of lowering the deficit is expected to condede defeat, reignited the debate over taxing and spending, and opening the door for another US downgrade.

In overseas trading, Japan's Nikkei 225 Stock Average was lower by about a third of a percent, and the Hang Seng Index was higher by about 1.4 percent.

The FTSE 100 was was lower by almost 2.2 percent, and the German DAX was lower by 2.9 percent.

In the US, markets are sharply lower this morning.

Some key data due to be released this week includes GDP on Tuesday and initial claims on Wednesday.

On the earnings front, expect to hear from Books A Million and Chicos on Tuesdaym Deere and Co (nyse: DE - news - people ) on Wednesday, Trailer Bridge (nasdaq: TRBR - news - people ) on Thursday, and China Natural Resources (nasdaq: CHNR - news - people ) on Friday.

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