Market Mover: Rumors of Imminent Downgrades in Europe Today
January 13, 2012
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Europe Update: Rumors of S&P Downgrades in Europe
Reports are circulating based on a Dow Jones FX Trader tweet saying that S&P could downgrade many of Eurozone countries as early as today.
Reuters is also reporting that S&P is set to downgrade several Eurozone countries, not including Germany, today, citing a senior Eurozone government source, without commenting on which ratings might be downgraded.
Between the various ratings agencies there have been numerous reports of impending downgrades of the Eurozone countries. StreetAccount opines that the market is almost in a "when" and not "if" mentality.
Recall that in December of 2011, S&P placed a number of AAA-rated Eurozone countries on watch for a downgrade.
The report has given the bears an opportunity to hit the market hard with the DJIA opening down nearly 100 points on the report.
iShares Eurozone - Last 12 Month
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