Market Flash: Market Down

Breakfast bites: Europe already trading in negative territory as US equities follow suit on the news that Moody’s will review ratings for countries in the Euro zone, despite the landmark EU deal for deeper economic and fiscal integration reached last week.

  • Despite the skepticism of Moody's and others about the eurozone fiscal union deal, Italy sold 7 billion euros ($9.4 billion) of 12-month bills on today. It received bids totaling €13.5 billion and the average yield fell to 5.95% from 6.09% at a previous sale.
  • Intel said 4th quarter revenue will miss its forecast because of shortage of hard disk drive supply.
  • Nokia Siemens Networks has agreed to sell its fixed line Broadband Access business unit to U.S. firm Adtran as part of a revamp of its operations.
  • On the economic calendar, The Monthly Budget Statement is due out at 2:00. Federal Deficit for November likely narrowed to $139 billion from $150 billion seen a year ago according to consensus estimates