It’s a very tough call to ascertain What the Market Wants this week. Clearly, the market was dismayed by the unexpected downgrade to France’s credit rating on top of the handful of other downgrades that were not such a surprise. Recall that Fitch analysts had predicted earlier last week that France would keep its topnotch AAA+ rating. While the market was spooked Friday, not all of the gains from earlier in the week were wiped out.
