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European stock markets

Prospects Daily: European shares and euro continue to slump

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Important developments today:

1. European shares and euro continue to slump as Moody’s cuts the rating outlook for Germany, the Netherland, and Luxembourg

2. Output in the Euro Area contracts for the sixth month in July

Prospects Weekly: The up-tick in market tensions have caused CDS rates to rise sharply

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The up-tick in market  tensions following recent bank downgrades, partial nationalizations and elections have caused CDS rates to rise sharply, although in most countries they remain below their fall 2011 highs. Stock markets have also tumbled, exchange rates depreciated and the turmoil has contributed to falling commodity prices.