Cautious start for EU markets this morning as FTSE rises 16 points to 5762
Fiona Cincotta April 27, 2012 3:31 PM
<p>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 […]</p>
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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.
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