Spain’s 3.5+ billion Euros 10-year debt auction was a bad auction and the yield went off at 6.975%. This is almost at the 7% threshold and the auction was looking for 4 billion Euros. Spain’s finance minister also lowered the GDP forecast to 0.8% this year.
Spanish stocks down only about 0.6% on average. iShares MSCI Spain Index (NYSE: EWP) and Banco Santander, S.A. (NYSE: STD) have not traded in New York but should be watched with STD down almost 1% in Madrid. Here is the catch… ONLY down under 1%? That feels like a victory.
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