LONDON (MarketWatch) -- Fitch Ratings downgraded Portugal's long-term foreign and local currency issuer default ratings to AA- from AA on Wednesday. The outlooks on the long-term IDRs are negative, the agency said. The downgrade reflects significant budgetary underperformance in 2009. "A sizeable fiscal shock against a backdrop of relative macroeconomic and structural weaknesses has reduced Portugal's creditworthiness," said Douglas Renwick, associate director in Fitch's Sovereign team. The euro extended losses against the dollar after the move and European shares turned lower. http://www.marketwatch.com/story/portugal-downgraded-to-aa-by-fitch-2010-03-24 Hum...PIGS attack...
So here we have another news story that's pushing futures lower however is this news going to be brushed aside by 9:46 am and create a buying opportunity for those not in the market causing yet again another higher closing. Every piece of news related to Europe has been ignored by the markets, this could be the same.
Futures already climbing off lows..... *S&P FUT 1164.4 _ -5.2 -0.44% *DOW FUT 10793.0 _ -35.0 -0.32% *NAS FUT 1953.5 _ -8.75 -0.45% *OIL 80.6 _ -1.31 -1.60%
I think very few realize that Greece, Portugal and Ireland make up around 7% of the EZ's GDP. There can be no news from these 3 that would be fundamentally significant for the EZ. It's all just hype.