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UK Shares Fall as Moody’s Downgrades Five Spanish Regions

This morning, the FTSE is down 35 points at 5847 as UK shares spread betting markets are knocked back by Spanish regional downgrades.

Stocks are in the red across Europe after rating agency Moody’s downgraded five Spanish regions.

The credit rating for the Spanish government remains unchanged at one notch above junk status, but this will still put pressure on Madrid as the semi-autonomous regions will need to lean on them even more.

Futures Trades

In other European news, Greece is still hammering out a deal with the Trokia to get their hands on $31 billion of bailout funds.

Athens is hoping to raise nearly $9 billion from its state asset-stripping programme.

The figure has been lowered by the IMF from $18 billion, in order to make the targets easier to achieve and avoid a Greek default.

In UK corporate news, ARM Holdings, suppliers of microchips to Apple’s iPhones, reported a 20% rise in revenues.

The owner of Costa Coffee, Whitbread, also saw revenue increase by 14%, with sales boosted by the Olympics and Diamond Jubilee celebrations.

After today’s New York close, social network giant Facebook will announce their third-quarter numbers.

With its share price having dropped nearly 50% since the IPO, will shareholders ‘like’ the results?

 

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