Today Moody’s downgraded Portugal’s sovereign debt. Portuguese stocks fell, so this wasn’t completely expected…. but Europe didn’t bat an eyelid.
Most European markets are rallying today, even other sovereign debt question marks such as Spain and Grece.
Sorry Portugal, you’re one of the PIGS, but you clearly don’t matter today:
London: +0.7% (FTSE 100)
Paris: +0.6% (CAC 40)
Frankfurt: +0.6% (DAX)
Greece: +0.4% (Athex)
Spain: +0.4% (IBEX 35)
Portugal: -0.2% (PSI General Index)
The Euro: $1.254 (-0.4%)
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