Spain downgraded by Moody’s

<p>Moody’s has downgraded Spain’s debt rating three notches as the newly approved plan to help banks will create more debt for the country. The focus […]</p>

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  • Moody’s has downgraded Spain’s debt rating three notches as the newly approved plan to help banks will create more debt for the country.
  • The focus today remains on the EU as the Italy debt auction to reduce borrowing costs takes focus. The UK banking sector is staying resilient, with Barclays up 0.6%.
  • Disappointing retails data from the US yesterday caused concern over slowing growth in the world’s largest economy, having a knock on effect on miners this morning, with Xstrata down 3.3% and Glencore slipping by 3.25% in the UK.
  • In economic data, keep an eye out for inflation data from the eurozone this morning and from the US this afternoon.
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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