They are rumoured to be released tonight. That is why the market has been very rocky today.

So far,

France is down one notch to AA+ This isn't too bad...two would have been much worse. Germany is annoyed over this and claiming the US and Britain should also be dropped. Sarkozy is addressing the people tonight on TV.

Italy down two notches to BBB+ Really not good news. Their bonds are so high already, but this really only acknowledges what is already known.

France, Austria, Italy and Slovenia are looking to be cut.

Germany, Netherlands and Finland seem safe.

The talks in Greece have been suspended at least temporarily. Not good. Personally I think there had to be a lot of fuss at the very end of the talks for these people to get it through their thick skulls that they have to take a haircut or they get nothing. Probably having the downgrades happen on the same day helps in the sense that they might realize more fully that they are running out of options very, very fast, like this weekend.

To tie this all back into our world. It really shouldn't matter that much because the market in China and India, while it will presumably slow down for copper imports during this mess in Europe, is large enough domestically to still need metals. However, I'm sure there will be some effect just because people will take advantage of the mess.