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HomeUncategorizedMoody’s downgrades and warnings on European economies causes commodity prices to fall

Moody’s downgrades and warnings on European economies causes commodity prices to fall

Ratings agency yesterday downgraded six European economies and put three on a negative outlook.

Italy, Malta, Portugal, Spain, Slovakia and Slovenia had their ratings cut, while Austria, France and the UK were placed on a negative outlook.

As a result of this, primary commodity markets saw falls as traders continued to worry about the state of European economies.

The S&P GSCI index of 24 commodities dropped 0.2 per cent. Copper was down to $8,401 (£5,317) a tonne at 7:38am and this was a continuation of a small fall each day for the past three days.

Oil was mixed with Brent Crude down and WTI up. Brent Crude was down 55 cents to $117.38 for March delivery this morning, while WTI in New York was up 3 cents to $100.94. 

 

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