European shares hit by Moody's US warning
European shares resumed their downward journey this morning after gains in the previous day, with investors dumping riskier assets on Moody's warning the United States may lose its top credit rating if lawmakers fail to hike the country's borrowing limit.
At 8:09 a.m, the FTSEurofirst 300 <.FTEU3> index of top European shares was down 0.7 percent at 1,091.05 points. It rose 0.7 percent yesterday after declines in the previous three straight sessions. The index is down 2.1 percent this week.
Moody's said late yesterday it saw a rising possibility that the statutory U.S. debt limit will not be raised on a timely basis, leading to a default on U.S. Treasury debt obligations.
