SCOREBOARD: French resistance

Markets look set to weather S&P's latest downgrades relatively well, with much of the move already priced in.

S&P’s downgrade of nine European nations (including France to AA , Italy BBB and Spain AA) rattled markets a bit on Friday night but all up I think markets were fairly resilient in the face of it (much of it probably priced), especially considering the flare-up in worries over Greece. That country is close to collapse according to some reports, the sticking point apparently the rate of interest and maturity any new bonds swapped into will take. Through it all, though, US swaps spreads didn’t do much at all, ditto CDS overall – so I’m thinking that we may not see too much of a reaction on EFP or basis and kiwi spreads are even in a bit so far this morning.

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