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European stocks dropped after Moody’s Investors Service downgraded Spanish lenders.
Moody’s lowered debt ratings at 16 Spanish banks, citing mounting loan losses, the country’s recession, restricted access to funds and the reduced ability of the government to support lenders as its own creditworthiness diminishes.
FTSE 5,284.59 -53.79 -1.01%
CAC 3,003.36 -8.63 -0.29%
DAX 6,293.45 -15.51 -0.25%
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