In the U.S sentiment was low due to Moody’s downgrade of three major banks. News from China was also downbeat, as manufacturing activity was so low that the basic materials sector was affected.
On Friday, Moody’s Investors Service downgraded eight Greek banks by two levels, reports Art Patnaude for The WSJ.
“The government faces significant solvency challenges and historical experience shows that small sovereign debt restructurings have often been followed by larger sovereign defaults,” the ratings firm cautioned.
Vanguard European ETF
