Investing.com - European shares closed lower on fears rating agency Standard & Poors may downgrade several euro zone nations and increased Greek debt fears
After the close of European trade, the EURO STOXX 50 fell 0.33%, France's CAC 40 dropped 0.11%, while Germany's DAX 30 closed down 0.58%. Meanwhile, in the U.K. the FTSE 100 fell 0.46%.
S&P is slashing France of its AAA rating for the first time reported Agence France Presse, French President Sarkozy declined to comment on the report.
More bearish word from Greece added to the bearishness that a group representing Greek's creditors stated that talks have "paused for reflection" increasing speculation that a settlement will not be reached.
Angus Cambell, of Cambell Spreads, told Bloomberg, "It's not as id we didn't know that several European countries were going to be downgraded. When the rumor comes, you get a knee jerk reaction, and sometimes a rebound once the rumor is confirmed."
Invensys plunged 20% after revealing GBP60 million of additional costs.
Lenders Commerzbank and BNP Paribas climbed 3.6% and 2.4% respectively after Commerzvbank plans on raising its capital level without seeking government help.
Air France gave back 1.1% after freezing hiring and pay check by euro1 billion to cut costs.
U.S. stocks were down in midday trading with the Dow Jones Industrial Average lower by 0.62%, the S&P 500 down 0.71% and the Nasdaq 100 falling 0.63%.
Investors are awaiting China's GDP on Monday to determine growth prospects in the world's second largest economy.
After the close of European trade, the EURO STOXX 50 fell 0.33%, France's CAC 40 dropped 0.11%, while Germany's DAX 30 closed down 0.58%. Meanwhile, in the U.K. the FTSE 100 fell 0.46%.
S&P is slashing France of its AAA rating for the first time reported Agence France Presse, French President Sarkozy declined to comment on the report.
More bearish word from Greece added to the bearishness that a group representing Greek's creditors stated that talks have "paused for reflection" increasing speculation that a settlement will not be reached.
Angus Cambell, of Cambell Spreads, told Bloomberg, "It's not as id we didn't know that several European countries were going to be downgraded. When the rumor comes, you get a knee jerk reaction, and sometimes a rebound once the rumor is confirmed."
Invensys plunged 20% after revealing GBP60 million of additional costs.
Lenders Commerzbank and BNP Paribas climbed 3.6% and 2.4% respectively after Commerzvbank plans on raising its capital level without seeking government help.
Air France gave back 1.1% after freezing hiring and pay check by euro1 billion to cut costs.
U.S. stocks were down in midday trading with the Dow Jones Industrial Average lower by 0.62%, the S&P 500 down 0.71% and the Nasdaq 100 falling 0.63%.
Investors are awaiting China's GDP on Monday to determine growth prospects in the world's second largest economy.