European Market Insight: S&P Downgrades Shock the Market

Analysis: Economic data, statements by politicians, as well as the rating agencies rocked European markets last week. S&P downgraded the AAA ratings of France and Austria to AA+ last Friday.
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European Market Insight: S&P Downgrades Shock the Market
French Economy Minister François Baroin (R) leaves the Elysée Palace on Jan. 13 in Paris, from a meeting with French President Nicolas Sarkozy after Standard & Poor's cut France's credit rating by one notch to AA+. (Miguel Medina/AFP/Getty Images)
Valentin Schmid
1/15/2012
Updated:
10/1/2015
<a><img class="size-large wp-image-1793352" src="https://www.theepochtimes.com/assets/uploads/2015/09/136948955.jpg" alt="French Economy Minister François Baroin (R) leaves the Elysée Palace" width="590" height="385"/></a>
French Economy Minister François Baroin (R) leaves the Elysée Palace

AMSTERDAM—Economic data, statements by politicians, as well as the rating agencies rocked European markets last week.

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Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
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