AppId is over the quota
Spread betting provider City Index takes a look at the financial activity shaping the markets on 7th October 2011.
Stocks trading on European exchanges appear to have remained fairly stable this morning (October 7th) following the latest ratings cuts from Moody's.
The ratings agency revealed that nine banks have seen their debt and deposit ratings slashed by one or two notches.
Six of this group have also seen their standalone ratings downgraded. And apart from Banco Portugues de Negocios, all have a negative outlook placed upon them.
Despite such news, stock indices in Europe do not appear to have reacted badly, with the FTSE 100 enjoying a 0.22 per cent lift as of 09:20 BST.
It was joined by the German DAX, which had increased by 0.45 per cent, followed by the French CAC-40, which had advanced by 0.37 per cent ten minutes later.
The six banks that saw a double downgrade are Banco Santander Totta, Banco Comercial Portugues, Caixa Geral de Depositos, Banco Espirito Santo, Caixa Economica Montepio Geral and Banco BPI.
Moody's said one of the reasons for the downgrades was because of the "increased asset risk as a direct consequence of the banks' holdings of Portuguese government debt and the sovereign's downgraded rating".
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