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Monday, December 12, 2011

European stocks fall as Moody's slams EU summit outcome

European shares fell on Monday as Moody's revealed it will review all EU credit ratings, blaming their failure to deliver "decisive policy measures" to fix the eurozone debt crisis.

In morning deals, London's FTSE 100 index slid 0.66 percent to 5,493.05 points, Frankfurt's DAX 30 dipped 1.42 percent to 5,902.08 points and the Paris CAC 40 lost 1.20 percent to 3,137.84.

The European single currency slipped to $1.3313 from $1.3384 late in New York on Friday.

"European markets awoke to a generally negative bias to risk assets this morning, with Moody's criticising the actions of eurozone leaders last week to the ongoing debt crisis as providing no new solutions," said Spreadex trader David White.

"Early trading today reflects this sentiment, as inflationary concerns are so far replaced with that of growth," he added.

Asian markets traded mixed on Monday as optimism over last week's European plan to introduce tougher fiscal rules to save the eurozone were weighed by lingering concerns leaders may not have done enough. Go here ...

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