Risk Aversion Triggered by Warnings of Rating Agencies

The EU summit did little to help revive market confidence. On the contrary, investors got more pessimistic and risk appetite declined as rating agencies warned of downgrading credit ratings of European bonds. Wall Street plummeted with the DJIA and S&P 500 losing -1.34% and -1.49% respectively. In the commodity sector, the front-month contract for WTI crude slipped -1.65% while the equivalent Brent crude contract dipped -1.23%.

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Risk Aversion Triggered by Warnings of Rating Agencies