The story is the same in Europe where the 16 Spanish Banks, including the Eurozone’s largest Banco Santander, were downgraded overnight by Moody’s and Fitch cut its debt rating for Greece. European shares are expected to close at their highest weekly decline since November with the FTSE down 0.8% at 973.96 showing a loss every day this week for a weekly total of -4.8%.
This has put the world stocks, as measured by the MSCI Index MIWD00000PUS, down 0.85%, currently below where they began the year. This negated all the ground gained in the first quarter fueled by the European Central Bank’s creation of more than a trillion Euros.
The dollar rose to hit a four month high of 81.758 and the opposite for the Euro hitting a four month low at 1.2649.
Despite the rest of the World the futures market currently have the Nasdaq and S&P pointing toward the positive.
The commodities futures are starting mixed this morning with crude and silver down while Natural gas is basking up over 2.5% and gold also in the green.
Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market. Comments can be directed to ryghcw19@uww.edu