• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

S&P eurozone cut talk hits euro, stocks

Jan 13 2012 16:43
Reuters
Berlin - Credit rating agency Standard & Poor’s is set to downgrade several eurozone countries, not including Germany, on Friday, a senior euro zone government source said.
The source did not say which countries’ debt ratings would be downgraded.

The euro fell to a global session low against the dollar on Friday after talk of the downgrade. The euro hit a low of $1.2687 and last traded at $1.2704, down 0.9 percent on the day, according to Reuters data.

European shares turned negative with the pan-European FTSEurofirst 300 index of top shares was down 0.5% at 1,013.98 points after earlier rising as high as 1,026.81.

“There is a rumour that S&P is about to downgrade several countries, that is what is causing the weakness in stocks,” a London-based trader said.

U.S. stocks fell at the open. The Dow Jones industrial average was down 86.05 points, or 0.69 percent, at 12,384.97. The Standard & Poor’s 500 Index took off 10.42 points, or 0.80 percent, at 1,285.08. The Nasdaq Composite Index dropped 20.99 points, or 0.77 percent, at 2,703.71.

Standard & Poor’s declined to comment on Friday on reports it was set to downgrade several euro zone countries imminently.
Reports that downgrades were on the way as early as Friday hit stocks, the euro and boosted demand for safe-haven US government debt.


 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...