Markets Make Big Comeback After Spanish Downgrade

Spanish flag

Photo: Jamie McDonald/Getty Images)

ORIGINAL POST, SEE UPDATE AT BOTTOM: It’s not a total disaster, but it’s a fairly ugly scene in Europe this morning.The big loser is Spain, which is down  1.7%.

That’s not too much of a surprise, given that it was the receipient of a two-notch downgrade from S&P yesterday evening.

Yields are also jumping in Spain, though the 10-year yield remains below 6%.

As for other markets:

  • France -0.6%
  • Italy -0.2%
  • German: -0.5%

US futures are pointing down as well.

UPDATE: And suddenly, markets have bounced back. Spain and Italy are now basically unchanged.

The irrelevance of the raters is being shown again.

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