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- European markets sold off sharply again this morning as concerns over Greece and Spain continue to weigh on sentiment in early trading.
- FTSE lost 4.3% this week with 7.5% loss that the UK blue-chip index has suffered since the beginning of May.
- Moodys sweeping downgrade of 16 Spanish banks including Santander eurozones biggest bank, saying a weak economy and govs reduced ability to support troubled lenders.
- Fitch downgraded Greece’s credit rating CCC to minus B highlighting the heightened risk that the country might have to leave the euro.
- With this in mind we are seeing investors continue to sell out of their more risky assets.
- Miners and Financials heading up the losers on the FTSE 100.
- Very few positives in the sea of red – defensive stocks hold up the best utility companies Severn Trent 0.1% / United Utilities 0.15%.
- A lack of economic data to be released today.
- Investors will be focusing all their attention on the Facebook IPO as the US markets open.
- Next week – EU Zone /Inflation Figures UK /GDP Figures UK.
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.