European markets open lower following downgrade

European markets open lower following downgrade

POSTED: Monday, January 16, 2012 - 9:10am

UPDATED: Monday, January 16, 2012 - 9:17am

European markets are mostly lower following friday's downgrade of several countries. Late on friday, Standard and Poor's cut the ratings of Italy, Spain, Portugal and Cyprus by two notches and France, Austria, Malta, Slovakia and Slovenia by one notch each.

Traders say since the cuts were expected markets aren't expected to plunge on the news. U.S. markets are closed today for the Martin Luther King holiday.


 

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