S&P downgraded Italy's credit rating to A from A+, read the full report at Zero Hedge: "
Italy Unsolicited Ratings Lowered To 'A/A-1' On Weaker Growth Prospects, Uncertain Policy Environment; Outlook Negative".
Initially the euro and equity index futures plunged, but after a few hours they rallied back to positive territory. The Fed meets today and tomorrow
(correction), so markets could be positioning for the FOMC statement. Or perhaps the action is related to Greece. Either way, nice reversal; we'll see if it lasts. The December E-mini S&P Future (ESZ11) is at 1,200.25, up 0.23%; the December Comex Gold Future (GCZ11) is at 1,791, up 0.73%; and the December Euro Future (ECZ11) is at 1.3675, up 0.12%. Check out the chart comparing the S&P, euro and gold tonight.
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| Courtesy of OptionsXpress |
Interesting news today:
Exclusive: Brazil seeks to help Europe via IMF
(Reuters)
Merkel Signals She’ll Dodge Coalition Breakup
(Bloomberg)
Siemens Pulls €500 Million From A French Bank, Redeposits Direct With ECB
(Zero Hedge)
Bank of China halts FX swaps with some European banks
(Reuters)
German Investor Confidence Fell in September
(Bloomberg)
Greece Default Would Leave German Taxpayers Facing Bills From ‘Bad’ Banks
(Bloomberg)
S&P Italy downgrade new blow for distressed Europe
(Reuters)
