Date: Thursday 14 Jun 2012
-Italian debt auction results awaited
-OPEC meeting on tap
-Credit Agricole could walk away from Greek subsidiary
-Nokia to lay-off 10,000 employees
Stoxx 600: -0.37%
FTSE Mibtel: -0.04%
Ibex 35: 0.03%
The main European equity benchmarks have begun the session with only slight falls, despite rating agency Moody´s decision last night to axe Spain´s credit rating by three notches, all the way down to Baa3, on the brink of ‘junk’ level. Yet perhaps the worst news is that it may do so again in only three months depending on the actions which are undertaken by the country in the next few months.
Acting as a backdrop, Chancellor Angela Merkel is speaking in Berlin on what her objectives are for this next weekend´s meeting of G20 countries are. While she is defending the need for greater political union market commentary is pointing out that she does not seem to have budged much on her pro-fiscal consolidation stance, contrary to what some market reports had been suggesting last night.
Not to lose sight of either, Italy will this morning auction up to €4.75bn in medium and long-term debt.
From a sector stand-point the worst performance is now to be seen in the following industrial groups within the DJ Stoxx 600: media (-1.25%), automobiles (-1.03%) and technology (-0.97%).
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