Photo: flickr/ Moyan Brenn
Most markets are up early in European trading session.England’s FTSE is up 0.6 per cent.
France’s CAC 40 is up 0.7 per cent.
Germany’s DAX is up 0.8 per cent.
Spain’s IBEX, however, is down 0.2 per cent. But it is well off of its lows of the morning.
After the U.S. markets closed yesterday, S&P downgraded Spain from BBB+ to BBB-. This is one notch above junk status. And the outlook is negative, which means another downgrade is in site.
“The downgrade reflects our view of mounting risks to Spain’s public finances, due to rising economic and political pressures,” wrote S&P in a press release.
Here’s an intraday look at Spain’s IBEX courtesy of Bloomberg: