French and German yields surge as S&P warns about downgrading

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Source: Bloomberg
© Scanpix/AFP

German and French bonds declined after Standard & Poor's told it may lower the sovereign ratings of 15 European countries. Borrowing costs on French 10-year notes climbed 10 b.p. while those on German 10-year bonds increased 5 b.p. According to S&P statement, France, Germany and other AAA rated European nations may be downgraded if the summit on December 9 will turn out to be unsuccessful.  

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Tue, 06 Dec 2011 12:00:33 GMT

Japan's Nikkei 225 declines on investor fears about Europe's downgrading

Japan's Nikkei Stock Average lost 1.39% or 120.82 points on Tuesday and closed at 8,575.16 amid worries created by Standard & Poor's that European countries may face downgrading. Most Japanese financials weighted down on the index as Nomura Holdings Inc. and Mizuho Financial Group Inc. both traded down 1.9%. Metal-sector companies also contributed to Nikkei 225 depreciation as Sumitomo Metal Mining declined 1.8% while JFE Holdings

Tue, 06 Dec 2011 12:02:31 GMT

Merkel and Sarkozy respond to S&P move

French President Sarkozy and German Chancellor Merkel released a joint statement yesterday saying they respect and take into account S&P decision. Nevertheless, both leaders insisted that tighter fiscal alliance and stricter control of national budgets and economic policies will promote financial stability growth across the region. 

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