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
Updated:
<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.

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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