It's unlikely that much of today's market action relates to the downgrades. Bonds rallied, and equities extended losses that started in July, not friday night.

It's unlikely that much of today's market action relates to the downgrades. Bonds rallied, and equities extended losses that started in July, not friday night. Don't get caught in the trap of connecting events because they happen about the same time, this is a global event: Germany is down 5% on the day, London 2.5%, japan 2%.