Reports surfaced that Spain could seek aid from the European Union as early as Saturday. A spokeswoman for the Spanish government quickly refuted that, but a euro-zone official said leaders would discuss potential support for the country’s banks Saturday morning. Spain’s IBEX 35 rallied 1.8%.
Despite gains in Spain, European markets were mostly lower as data showed German exports declined for the first time this year in April. The Stoxx Europe 600 fell 0.3%, its first drop in four days. Asian markets also fell, with Japan’s Nikkei Stock Average shedding 2.1%, and China’s Shanghai Composite losing 0.5%.
Thomas Doherty is a student at Villanova University majoring in Finance and Economics. All questions and comments can be sent to Thomas@KeeneOnTheMarket.com