AM Minding Your Business for Oct. 14, 2011

Today on American Morning, Christine Romans reports on the morning business news headlines.

Today we're watching:

* U.S. stock futures are up ahead of the big G-20 meeting of the world's finance ministers in Paris today.
* Ratings agency Standard and Poor's has cut Spain's long-term credit rating by one notch from 'AA' to 'AA-'. And ratings agency Fitch put 13 major banks on notice for a potential downgrade.
* Here in the U.S., you could be seeing fewer Gap stores soon. The company says it plans to shut-down 21% of its stores in North America over the next 2 years.
* The rise of gas and oil prices is hitting American consumers harder than ever before. According to a new report from the Consumer Federation of America, you could spend up to $600 dollars more on gas this year – that amounts to about $2,900 per household.
* Get it while it's hot – people are already lining up for the new iPhone 4S this morning. It goes on sale in stores this morning

Tune in to American Morning at 6am Eastern every day for the latest in business news.