SCOREBOARD: S&P brush-off

Investors didn't lose any sleep over S&P's eurozone downgrades, with key bond yields dipping overnight.

US markets were closed for Martin Luther King Day, but there was plenty of action out of Europe to keep punters busy. Following S&P’s decision to downgrade their credit rating, France auctioned off €1.895bn of 12-month bills at a yield of 0.406 per cent, down from the 0.456 per cent they paid only a week or so ago. The 3-month and 6-month paper (over €8bn in total) was also given at lower yields and this seems to have given a boost to risk appetite overnight, although the euro is up only 30 pips or so (1.2665, to a high of 88).

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