EUROPEAN MARKET

GLOBAL MARKET NEWS - EUROPEAN MARKET  

         European stocks were set to open mixed on  
Thursday as Spain's downgrade by Moody's rattled investors ahead of an Italian

bond auction at which borrowing costs are seen sharply rising. 
    At 0627 GMT, futures for Euro STOXX 50 were up 0.1 percent, for
Germany's DAX up 0.14 percent and for France's CAC were down 0.3
percent. 
    Late on Wednesday, Moody's slashed its rating on Spanish government debt by
three notches to 'Baa3' from 'A3', saying the newly-approved euro zone plan to
help Spain's banks will increase the country's debt burden.