Daily US Opening News And Market Re-Cap: October 10

  • Risk-appetite gathered pace during the European session after Germany and France demonstrated a united front in tackling the ongoing Eurozone crisis. Meanwhile, Russia said that it may help the EU and Spain with the debt crisis, and is ready in principle to buy the Spanish government debt
  • S&P affirmed France's ratings at AAA, with a stable outlook, and affirmed Belgium's ratings at AA+, with a negative outlook
  • Slovak government party SAS turned down a compromise offer from coalition partners on the EFSF ratification, however the Slovak Parliamentary Budget Committee recommended the EFSF approval
  • Weakness in the USD-Index provided support to EUR/USD and GBP/USD
  • The governments of Belgium and France agreed to nationalise the Belgian subsidiary of Dexia