After an extended negative period, investors were due for a breath of fresh air yesterday. Hints of optimism in discussions between Republicans and Democrats, on the U.S. real estate market and a long-term solution for Greece were enough to rekindle interest in riskier assets: the USD was down; stock markets were bullish, oil prices rose–all fuelling the loonie.
However, this positive trend could be short-lived, with Moody’s announcement yesterday that it is downgrading France, which is therefore losing its AAA rating with a second agency, after S&P did the same in January. Moody's cited the gradual loss of competitiveness due to rigidity in the job market and the goods and services sector, as well as uncertainty regarding the country’s fiscal abilities and capacity to rebound from new eurozone challenges, among other factors. Moody's negative outlook could lead to an eventual further downgrade. European stock markets are slightly down this morning.
Relatively good news: Israel has delayed its ground offensive to allow for negotiations to take place. There were no changes to Japan’s monetary policy overnight. The yen gained a bit of ground. Watch for the release of Canadian Wholesale figures and results of the European finance ministers’ meeting regarding the situation in Greece.
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Discussions Bring Optimism To Fiscal Cliff Outlook
Published 11/21/2012, 02:30 AM
Updated 05/14/2017, 06:45 AM
Discussions Bring Optimism To Fiscal Cliff Outlook
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