European shares wobble after Spain downgrade


14/06/2012 13:41 AST  Reuters

Europe's top shares edged lower early on Thursday as Moody's became the latest rating agency to downgrade Spain, heightening the cautious mood among investors who are bracing themselves for the outcome of the Greek election over the weekend.

By 0755 GMT, the FTSEurofirst 300 was down 4.27 points, or 0.4 percent, at 982.68, having closed 0.3 percent lower on Wednesday in nervous trade as worries over global growth in the wake of the euro zone debt crisis crimped appetite for risk.

Ahead of an Italian bond auction at which borrowing costs are seen sharply rising, Moody's ratings agency slashed its rating on Spanish government debt by three notches to 'Baa3' from 'A3', which one trader noted is now the same credit risk as Barbados, while cutting its credit rating on Cyprus' sovereign debt by two notches.

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