S&P lowered ratings of 9 Euopean countries: "S&P cut the ratings of Italy, Spain, Portugal and Cyprus by two notches and the standings of France, Austria, Malta, Slovakia and Slovenia by one notch each."
As promised..no surprise. Lowering France from AAA to AA is like what S&P did to the U.S. Germany maintained their AAA. hese lower rating should shake up the bond, credit , and stock markets, particularly for Europe. In other articles, Merkel came out and stresses a more important need to proceed quicker with their plans to grow the overall economy, regulate the individual country budgets, etc. There won't be any happy campers for a while until the dirt settles again. When will the first country go back to its own currency? I really don't see any renegades from this bunch -- no cajones. I really see only sheep that are in line to have their wool clipped.
Over here? Earnings may pull us through the depressing European news. If Asia can follow us instead of Europe, the world economy has a chance. China needs to report some better numbers to push the overall markets forward faster.
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