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Not so sunny Spain

키 포인트:
  • STOXX 600 up 0.2%
  • Suspected intervention drives yen
  • Philips surges on U.S. settlement
  • Wall St futures inch higher

NOT SO SUNNY SPAIN

Spain's Prime Minister, Pedro Sanchez, has said he is staying in the job, after abruptly announcing last week he was considering his future following the launch of a corruption investigation against his wife.

This latest twist might have soothed some nerves among politics-watchers, but the market hasn't taken too kindly to it. Madrid's IBEX index IBC is the worst performing market in Europe, down 0.5% on the day, while most other benchmarks sit comfortably in the green.

The weakness is partly down to shares in major lender BBVA BBVA giving up earlier gains after upbeat results and in top bank Santander SAN trading ex-div.

Spanish bonds ES10Y aren't reflecting any investor angst. Yields on the 10-year bono are down nearly 6 basis points on the day at 3.302%, in line with other so-called peripheral bonds, such as Italy's.

The euro EURUSD is fairly unruffled, up 0.2% on the day against the dollar, but down sharply against the yen EURJPY, as traders cite suspected buying by Japanese authorities.

Reuters Graphics
Thomson ReutersSpanish stocks lag as politics sizzle

(Amanda Cooper)

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FOR MONDAY'S OTHER LIVE MARKETS POSTS:

THERE IS STILL TIME TO INVEST IN JAPAN CLICK HERE

FOUR REASONS TO FAVOUR EURO ZONE OVER WALL STREET CLICK HERE

MORE OF THE SAME OR A RETURN TO Q1 FOR MARKETS? CLICK HERE

LAGGARDS PUSH UP THE STOXX, IBEX AWAITS SANCHEZ CLICK HERE

EUROPE SET FOR POSITIVE START TO THE WEEK CLICK HERE

THE YEN'S MYSTERIOUS MOVE CLICK HERE

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