EU's credit rating goes down; UK markets bounce back up, and more news.

First, the good news: It's actually been a strong week for the FTSE 100 Index. It's on track for its best week since 2011, and after an initial post-Brexit plunge, rose 8.7% through Thursday—its biggest three-day jump since 2009. The index, which is made up of multinational banks, drugmakers, and commodities producers, also responded positively to Mark Carney's plans to loosen monetary policy this summer. The not-so-good news is that the FTSE 250, which is much more representative of the UK economy, is still 6.1% lower than it was on June 23rd. 

Layoffs at IBTimes — and gearing up for a Newsweek sale? IBT Media, the parent company of IBTimes and Newsweek, is holding its second round of layoffs in the past few months. Around 30 journalists at IBTimes — more than half of the newsroom — were let go: according to Politico, "one person who was laid off said that IBT eliminated its international, business, technology, media and culture news desks, along with its graphics team and its copy desk. Only the entertainment, sports, and breaking news desks were spared cuts." Newsweek is expected to announce layoffs of five to ten people today. The announcement also came with a restructuring: Newsweek will be spun off into a separate operational entity. "This is a move that could make it easier for the company to sell Newsweek," notes Recode. 

Puerto Rico will still default: President Obama yesterday signed PROMESA, the bipartisan legislation that will help Puerto Rico restructure its $70 billion in debt. The bill won't provide funds for the debt, but it will keep bondholder lawsuits at bay for a few months, and it creates an Oversight Board to help the territory find financial solutions. Failing to pay the $2 billion due today will mark the first time since 1933 that a US state or territory failed to pay its general obligation bonds on time. 

The EU follows in the UK's footsteps: In case there was any doubt (there wasn't) that Brexit would have ramifications for the continent, S&P just downgraded the EU's credit rating from AA+ to AA. The good news? Standard & Poor's doesn't seem to think other member states will leave the EU.

S&P also adjusted the UK's rating earlier this week, dropping it two notches from the perfect AAA to AA. 

Cover Photo: Bank of England governor Mark Carney on Thursday suggested monetary easing may be required this summer, saying that the economic outlook had 'deteriorated' after Britain voted to leave the EU. 'The economic outlook has deteriorated and some monetary policy easing will likely be required over the summer,' he said in a speech in central London. (MATT DUNHAM/AFP/Getty Images)