Spanish Credit Rating Downgraded

Financial markets decline in European opening amid the downgrade of Spain's credit rating. Renewed concerns in the sovereign debt crisis in the Eurozone hurt market sentiment. In Asia, the Bank of Japan expectedly eased monetary policy but increasing the size of the Asset Purchase Program so as to boost the economic recovery and inflation. European bourses gapped down at open. In the commodity sector, gold eased after Thursday's rally after the FOMC meeting.

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Spanish Credit Rating Downgraded