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City Index Spread Betting News: European markets trade lower on Spanish rating cut Spread betting and CFD trading provider City Index (http://www.cityindex.co.uk/) offer a daily market talk outlaying the major movements in the markets. Today, Market Strategist Joshua Raymond focuses on the European markets."European indices traded lower once again on Thursday, weighed by investors who looked to minimise the amount of risky asset classes that they held after Moody's cut their credit rating for Spain by one notch to Aa2. Continued uncertainty over the high price of crude oil and traders awaiting the interest rate decision by the Bank of England also played a role in the subdued demand for stocks this morning.Spain's credit rating downgrade by Moody's whilst perhaps not being of too much of a surprise to the markets is an unwanted reminder over the fragility of sovereign debt, particularly in the context of Portugal having to pay such a high premium to bonds sold in yesterday's auction. There remains a significant concern over Spanish debt and today's rating cuts by Moody's simply emphasised these concerns. Put this in the context of the high crude oil prices and...more
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