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Glance-Commodities, banks lead FTSE fall on Spain debt cut
Fri, 27th Apr 2012 08:29
LONDON, April 27 (Reuters) - Weakness in heavyweight banks and mining stocks
led Britain's le
after three sessions of gains with investors' appetite for risk reversed after
euro zone debt concerns were heightened by a credit rating downgrade for Spain.
Standard & Poor's cut its credit rating on Spain by two notches to BBB-plus
on Thursday and put it on negative outlook, citing expectations that government
finances will deteriorate even more than previously thought as a result of a
contracting economy and an ailing banking sector.
At 0711 GMT, the FTSE 100 index was down 31.46 points, or 0.6
percent, at 5,717.26, reversing the previous session's 0.5 percent advance.
Investors were also bracing for an Italian debt auction on Friday. The
country is set to offer up to 6.25 billion euros in bonds, with borrowing costs
expected to climb above 5.5 percent for the benchmark 10-year bond. It yielded
5.8 percent on Thursday, up from an auction level of 5.2 percent at the March
sale.
(Reporting by Jon Hopkins)
Keywords: MARKETS BRITAIN STOCKS/OPEN
(jon.hopkins@thomsonreuters.com)(02075428954)(Reuters Messaging: jon.hopkins.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
led Britain's le
ading share index lower in early deals on Friday, falling back
after three sessions of gains with investors' appetite for risk reversed after
euro zone debt concerns were heightened by a credit rating downgrade for Spain.
Standard & Poor's cut its credit rating on Spain by two notches to BBB-plus
on Thursday and put it on negative outlook, citing expectations that government
finances will deteriorate even more than previously thought as a result of a
contracting economy and an ailing banking sector.
At 0711 GMT, the FTSE 100 index was down 31.46 points, or 0.6
percent, at 5,717.26, reversing the previous session's 0.5 percent advance.
Investors were also bracing for an Italian debt auction on Friday. The
country is set to offer up to 6.25 billion euros in bonds, with borrowing costs
expected to climb above 5.5 percent for the benchmark 10-year bond. It yielded
5.8 percent on Thursday, up from an auction level of 5.2 percent at the March
sale.
(Reporting by Jon Hopkins)
Keywords: MARKETS BRITAIN STOCKS/OPEN
(jon.hopkins@thomsonreuters.com)(02075428954)(Reuters Messaging: jon.hopkins.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
