From Marc to Market:
Market sentiment is fragile. After earnings helped boost sentiment yesterday, a different set of earnings weakened it today. The broad retreat has seen some signs of risk-off in the foreign exchange market with the yen and Swiss franc leading the major currencies. At the same time, pressures European bond market persist, and the peripheral premiums over Germany are wider. The euro is a laggard and was turned back from about $1.1255 today. Moody’s, which assigns France a credit rating two notches above S&P and Fitch and a negative outlook, will announce the conclusion of its review tomorrow. A downgrade looks inevitable and a two-step catch-up move cannot be ruled out.
The US economic calendar is light and participants in the foreign exchange market will be keeping a close eye on equities. Meanwhile, oil prices remain firm and December WTI is bumping around $100 a barrel....
....MUCH MORE
It was ever thus:
