Daily Insight-Local markets down despite encouraging news on economy and credit rating upgrade

The start of the new week for the local capital markets sees to have been prescribed by continued risk aversion of the global investment community, especially towards euro-area related assets. This caused further declines in the euro\'s value against the dollar in the early hours of the trading session at the European market. As the EUR/USD rate touched a four-year low against the dollar of 1.2273 before mid-day on Monday, Ukraine\'s equity market echoed a similar trajectory by staging a quite dramatic intraday decline early in the session, with the UX index, which opened at 2,157 points, dipping to 2,080, and the PFTS index diving to 836 points at mid-day from an opening level of 866.