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- European stocks advanced for the first time in four days
European stocks advanced for the first time in four days
European stocks advanced for the first time in four days as Burberry Group Plc led luxury-goods makers higher, offsetting a rating cut on Spanish debt by Standard & Poor’s.
S&P lowered Spain’s debt rating to one level above junk, citing increasing economic and political risks. The country’s worsening recession is “limiting the Spanish government’s policy options,” S&P said in a statement late yesterday, lowering its rating by two levels to BBB- from BBB+. S&P assigned a negative outlook to Spain’s long-term rating and cut the short-term sovereign level to A-3 from A-2.
FTSE 100 5,799.32 +22.61 +0.39%
CAC 40 3,379.63 +13.76 +0.41%
DAX 7,252.7 +47.47 +0.66%
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