Romanian leu falls after Reuters report

Reuters was far ahead of competitors on June 25 in reporting the market-moving news that Romania’s constitutional court had decided to throw out some parts of the government’s austerity plan — a major event for the whole region because of the markets’ sensitivity to fiscal restructuring. Reuters was about 90 minutes ahead of other international news agencies in alerting the first indication of the decision, a report by a local news agency, and 15 minutes ahead of Bloomberg and 31 before Dow Jones with the official announcement by the court. Within the first hour after the news, the Romanian leu fell more than 1 percent against the euro, while Romanian equities dropped sharply and bond yields rose.