German newspaper Handelsblatt is reporting Fitch are preparing to downgrade a number of European banks, including Germany's Commerzbank.

As soon as Monday

Original article is here (in German)

English translation (I hope it's a good one!):

  • Fitch had warned in April against a downgrade of European banks
  • Now the rating agency takes seriously
  • Dozens of institutions are likely to be affected - including the German Bank and Commerzbank
  • The Handelsblatt (Monday edition) learned from financial circles, the downgrades are imminent - at the beginning of the week
  • A spokesman for the credit rating agency would not comment on the information.

h/t to @Sean_lee_forex

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This is a EUR negative