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CAC 40 Slips After US Rating Downgrade
(RTTNews) - French stocks fell sharply on Wednesday after Fitch downgraded the U.S. government's credit rating from AAA to AA+, citing fiscal deterioration and repeated debt ceiling standoffs.
The rating agency said that during the last 20 years, there has been a decline in the standard of governance in America, the effect of which is visible in fiscal and debt decisions.
Signs of weakening global growth and a lack of concrete measures from Chinese policymakers to boost growth in the world's second-largest economy also weighed on sentiment.
The benchmark CAC 40 was down 1.6 percent at 7,289 after declining 1.2 percent on Tuesday.
There was little reaction in the dollar, with the euro falling below the 1.1090 support zone to move into a short-term bearish zone against the greenback.
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