Markets shrug off positive macro data to slip into the red

The FTSE 100 opened lower this morning despite recent positive economic data, as rumours of a Fitch downgrade of Italy weighed on markets.

The EuroStoxx 50 was down 0.54% to 2,384, while the French Cac was down 0.47% to 3,255 and German Dax was 0.2% lower this morning at 6,320 as a director at Fitch refused to rule out a two notch downgrade for Italy. The falls come despite better than expected macroeconomic data from China, Germany and the US recently. China surprised markets with a slowdown in GDP that was less dramatic than some had feared, while the US has posted a string of good newsflow from the jobs market and manufacturing sector in recent weeks. UK employment data is expected later today. London’s leading ind...