SCOREBOARD: Spanish sting

Markets softened after Spain announced a return to recession, which was really no surprise at all.

It was in the equity space that the offer was put on and the major European indices were down 0.6 per cent on the Dax, 1.6 per cent on the CaC and 0.7 per cent on the FTSE. Across the sea on Wall Street, it was a similar story although magnitudes were better. The S&P500 was pretty much offered from the open, spent much of the session bouncing around not doing much, before a late rally developed into the close. At that point the S&P was down 0.4 per cent (1397) with tech, industrials and financials weighing most heavy, although telecoms, energy and utilities rose. It’s interesting to note that gains in energy stocks occurred even with a fall in crude – WTI was down 0.1 per cent ($104.8), Brent down 0.5 per cent to $119.2.

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