Weekly Fundamentals - Commodities Plunged as EU Summit Contained No Surprise
ldchanelyaFriday’s sharp decline sent commodities broadly lower on weekly basis. Disappointing corporate earnings and the uneventful EU summit were key reasons damping market sentiment and reducing demand for commodity investments. All of General Electric, McDonald’s and Microsoft Corp’s earnings missed market expectations. In the Eurozone, S&P’s credit ratings of 7 Spanish banks, including Banco Santander and Banco Bilbao Vizcaya Argentaria, following the downgrade of Spain’s sovereign debt rating to BBB- last week.
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Weekly Fundamentals - Commodities Plunged as EU Summit Contained No Surprise
