S&P Downgrades (almost) Everything and Everybody in Europe

S&P does it again. The credit rating agency Downgrades most European banks and the EU itself. This must be really positive, as no more negative news can come out, or?

Head of S&P must be on some good deal to be sending out all these messages to the world.

• S&P PLACES LARGE BANK GROUPS ACROSS EUROZONE ON WATCH NEG
• EUROPEAN UNION’S AAA RATING MAY BE CUT BY S&P

The reaction is a big yawn. SPX comes off 4 points…..