“France is in the forefront today with Moody’s downgrading the credit ratings of SocGen and Credit Agricole, two of the country’s largest banks. Both stocks have come off their session lows to rally going into the European market close,” BlacRock added.
In precious metals, gold ETFs continue to be supported by worries over Europe’s debt crisis. [Gold ETFs Consolidate as Metal Holds Above $1,800]
“European banks are losing deposits as savers and money funds spooked by the region’s debt crisis search for havens, a trend that could worsen economic and financial conditions,” Bloomberg reported Wednesday.
iShares MSCI France