Markets remain pressured from the fallout of the EU Summit where European leaders failed to provide an acceptable resolution to the current crisis. Any hopes for a swifter course of action were seriously disappointed and then aggravated after the European Central Bank ruled out the possibility of aggressive action and BUBA reiterated that such central bank action would be illegal. The rating agencies added to the risk off mode, with market participants already worried over a potential downgrade to European countries following the S&P report last week, and Moody’s and Fitch contributing their own downbeat ... (full story)