Downgrade Concerns Spread to France

Stock markets got hit again yesterday as driven by concerns that credit ratings of French debts will be downgraded. Wall Street slumped with DJIA and S&P 500 losing -4.62% and -4.42% respectively while European bourses sank 3-5%. In the commodity sector, oil initially followed equities and fell but then reversed after the DOE/EIA reported bigger-than-expected inventory draws last week. The front-month contract for WTI crude oil ended the day at 82.89, up +4.53%, while the equivalent Brent crude contract soared +4.01% to settle at 106.68. The WTI-Brent spread remained wide at 23.79 despite the drop in Cushing stock.

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Downgrade Concerns Spread to France