Activity in the services sector was falling at a slightly slower rate in July, as the outlook for interest rates and the global economy remains uncertain.

Stocks of interest on the Australian Securities Exchange on Wednesday.

Rating agency Moody's has upheld its triple-A rating for the US after Congress passed legislation to raise the debt ceiling and avert a possible default.

US stocks wiped out most of their gains for 2011 on Tuesday, as poor economic data overshadowed a congressional deal to raise the country's debt ceiling.

The Australian share market fell to its lowest point in almost a year on Wednesday as investors fretted over the weak US economy.

Borrowers have received some good news that interest rates will be on hold for another month but the RBA is still hinting the next move is upwards.