Financial markets waxed and waned Wednesday amid mixed economic data and downgrades of credit ratings of European peripherals. Disappointing German IP data was offset by encouraging US non-farm productivity and unit labor costs. In the Eurozone, sovereign debt crisis remains the utmost concern. DBRS’ cut of Spain’s and Italy’s credit ratings, as well as S&P’s decision to put Greece’s CCC/C foreign and local currency credit ratings on negative outlook further signaled the severeness of the problem.
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Financial Markets Seesawed on Downgrades of Peripheries
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