U.S ratings agency Fitch has cut the credit ratings of Italy, Spain and three other euro zone nations as the region’s debt crisis deepened. Fitch cut Italy by two notches to A- from A+, while Spain was lowered to A from AA-. Belgium, Slovenia and Cyprus were also downgraded.

Meanwhile, Fitch put all five nations’ credit outlooks as "negative". However, investors were still optimistic over the Greek debt swap deal with its private creditors and the Euro rose against the US dollar for a fifth straight day.