The rumors cite Italian daily Corriere della Sera and say a downgrade from Moody’s is coming after the close. Italian 10-year yields have risen 10 basis points since I mentioned them earlier. The Italian stock market is down 2.6% after rising 1% at the open. Sometimes a rumor is conjured up to fit the price action. Always take sovereign downgrade rumors with a grain of salt, they’re rarely correct. (full story)