Over the weekend, S&P downgraded the debt ratings of 9 out of 17 euro zone countries, sending Asian markets lower on Monday. The Nikkei sank 1.4% to 8378, as the Euro-Yen (EURJPY) fell to 97.22, its lowest level in more than a decade, hurting exporters. In Korea, the Kospi shed .9%, and Australia’s ASX 200 dropped 1.2%. The Hang Seng slid 1% to 19012, while the Shanghai Composite tumbled 1.7%, largely erasing last week’s gains.
In contrast, European markets climbed, despite the wave of credit downgrades. The DAX rallied 1.3%, the CAC40 climbed .9%, and the FTSE rose .4%. Late Monday, S&P downgraded the European Stability Fund’s credit rating by one notch, which may make it harder for the fund to obtain cheap funding.
US markets were closed for Martin Luther King Day
Currencies
Global currencies traded in relatively narrow ranges, thanks to the US holiday. The Canadian Dollar gained .5% to 1.1081, ahead of the Bank of Canada’s rate decision on Tuesday. The Swiss Franc slipped .3% to 1.0478, the Australian Dollar eased .2% to 1.0306, and the Euro edged down .1% to 1.2664. The Yen rose .2% to 76.78.
Economic Outlook
Tuesday’s sole economic report is the Empire State manufacturing survey. Analysts are expecting the index to rise to 10.8 from last month’s 9.5 reading.
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Binary Options Daily Analysis – European Markets Shrug Off S&P Downgrades
Published 02/04/2012, 11:53 PM
Updated 05/14/2017, 06:45 AM
Binary Options Daily Analysis – European Markets Shrug Off S&P Downgrades
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