Date: Friday 08 Jun 2012
-Fitch cuts Spain credit rating to BBB
-Some speculate with imminent Spain rescue
-Banks deposit €756.6bn overnight at ECB
-EBF says Spanish banks urgently need capital
-Weaker than forecast economic numbers in Europe
-Speculation of weaker than expected Chinese data
Stoxx 600: -1.09%
Ibex 35: -1.35%
The main European equity benchmarks have begun today’s session firmly in the red, weighed down by the continued tensions in the Eurozone periphery after ratings agency Fitch downgraded Spain’s sovereign debt by 3 notches, to BBB.
Also weighing on sentiment perhaps, the lack of any fresh indications Stateside regarding the possibility of fresh policy stimulus on the monetary front. Some market commentary is also suggesting this morning that China’s decision to cut rates yesterday may foreshadow weak economic data releases this weekend.
It is against this backdrop that some reports (speculation) have emerged that Spain could ask for aid European aid tomorrow as soon as tomorrow.
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