In Europe, Moody’s have lowered their outlook to negative on the provisional Aaa rating of the EFSF, newswires report that Greece is seen to miss EU/IMF debt reduction targets and may face further debt restructuring. According to an unsourced report, the German Government is urging Spain to request a 300bn Euro bailout package, which would give the country 2 years to not need to sell debt. In corporate news, Daimler released better than expected earnings and maintain FY guidance and are looking around 2% better. European equity futures are around 50bps lower.

 

Posted by Philip Ball | Sales and Trading