Standard & Poor cut the U.S. prized AAA credit rating by one notch

Traders work on the floor of the Frankfurt stock exchange on August 8, 2011. European shares slipped on Monday continuing their two-week slide after Standard & Poor cut the U.S. prized AAA credit rating by one notch, with miners the worst performers. But losses could be limited after the Group of Seven leaders said they were "ready to take action to ensure stability and liquidity in financial markets" and the European Central Bank is to extend its bond buying support.