Stocks, euro fall after Italy credit downgrade

By REUTERS
September 20, 2011 10:11

 
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SINGAPORE - Stocks and the euro fell on Tuesday after ratings agency S&P downgraded Italy and as Greece held talks with creditors to avoid running out of cash within weeks, amid worries that Europe's debt woes will trigger a full-blown banking crisis.

Oil and copper prices steadied, after tumbling on Monday on concerns the economic damage wreaked by the euro zone crisis would hurt industrial demand.

The dollar firmed as investors sought safety in the US currency despite expectations of further easing steps by the Federal Reserve this week.

Euro STOXX 50 index futures futures fell 0.7 percent, tracking declines on Asian exchanges. Futures for Germany's DAX and France's CAC-40 also fell, while financial spreadbetters called the FTSE 100 to open down as much as 0.6 percent.

S&P futures also fell 0.7 percent, pointing to further weakness on Wall Street later in the day after US stocks slid around 1 percent on Monday.

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