Spreadex Market Update
Euro markets opened positively
Problems in the Eurozone are emerging once again today as rating agency Fitch downgraded France’s triple-A credit agency. Fitch decided that the French economy is likely to contract by 0.3% in 2013 before marginally recovering in 2014. Yet French politicians dismissed the downgrade, asserting the strength of government policies amidst a series of global economic downturns. As a result, the markets are generally unresponsive to the downgrade as it seems traders have grown tired with rating agencies attempts to make a bad-situation-worse with what seems to be a perpetual string of downgrades.
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