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S&P Roils Global Markets With Erroneous French Rating Cut

Standard & Poor’s roiled global equity, bond, currency and commodity markets when it sent and then corrected an erroneous message to subscribers suggesting France’s top credit rating had been downgraded.

The benchmark Stoxx Europe 600 Index extended its decline to 1.5 percent to 234.11 and French 10-year bond yields surged as much as 28 basis points to 3.48 percent, the highest level since July, after the mistaken announcement. The euro pared gains and U.S. equities briefly dropped. Commodities erased gains before resuming increases after S&P affirmed France’s AAA rating in a later statement.