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Spain on the Newswires

  • Five Spanish savings bank groups fail stress test.

Moodys on the Newswires

Moody’s Places Spains Aaa soverign rating on review for downgrade.

S&P on the Newswires

S&P Officials tell Reuters insider TV Spain needs additional measures to meet fiscal targets.

Also says France has very high deficits.

Bobbys Corner-Open Market-June.10.2010

bob-slade-forex-trading-6-150x200Good Morning:

Congratulations to the Chicago Blackhawks for winning the Stanley Cup by defeating Philadelphia 4-3 in overtime last night.  The Chicago fans have been waiting since 1961 for a NHL championship-Congratulations.

Fitch Downgrades Spain

Fitch downgrades Spain to ‘AA+’  from ‘AAA’ Outlook Stable

“Fitch says Spain’s economic process will be more difficult and prolonged than for other AAA rated sovereigns”

Fitch sees spain government debt likely reaching 78% GDP by 2013

Fitch: Spain Adjustment to cut growth rate over medium-term.

Euro trading lower on the news.

French President Nicolas Sarkozy on the Newswires

News headlines reported overnight that French president Nicolas Sarkozy threatened to pull out of the euro unless German Chancellor Angela Merkel agreed to back the European Union bailout plan at a summit last week in Brussels, according to El Pais newspaper. According to rumors out of Spain, Sarkozy stated “If at this point, given how its falling, Europe isn’t capable of making a united response, then there is no point to the euro” Euro is currently trading slightly under $1.25

Bobbys Corner-Open Market-May.12.2010

bob-slade-forex-1-150x200Good Morning:

 The GBP  traded lower, as the BOE stated that risks to the UK economic recovery have increased.  The new UK coalition lead by David Cameron has renewed pressure to tackle  the UK’s deficit problem, and speculation  mounts  that the new coalition will struggle to pass legislation to cut its budget deficit.

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