Cautious start for EU markets this morning as FTSE rises 16 points to 5762

Cautious start for EU markets this morning as FTSE rises 16 points to 5762 Spanish stocks saw a negative open as the S&P downgraded Spanish […]


Fiona Cincotta
By :  ,  Senior Market Analyst

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  • Cautious start for EU markets this morning as FTSE rises 16 points to 5762
  • Spanish stocks saw a negative open as the S&P downgraded Spanish credit rating by 2 notches to BBB+ last night after Spanish unemployment hit 24.4%
  • This has put pressure on stocks and bond yields +6%
  • Other disappointing data in the eurozone showed that French consumer spending came in worse than expected at -2.9%, versus expectations of -1.9%
  • In UK markets, banks and miners were the worst performing stocks. Barclays fell ahead of the annual general meeting where shareholders are expected to revolt against levels remuneration, pulling down sector peers Lloyds and RBS
  • Miners are down too, tracking lower metal prices.
  • Looking ahead to today, US GDP will be released at 1.30pm, annualised 2.5% from 3%. The University of Michigan consumer confidence survey will be released at 2.55pm.

 

 

See the City Index Economic Calendar and Companies Reporting Dates page for latest economic news and company events that are likely to impact the markets today.
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