Banks Lead Selloff in Spain
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The Spanish equity market continued its selloff overnight, plunging over 3 percent. The move reverses modest gains made since Monday. The Spanish IBEX index is down 20 percent so far this year, making it one of the worse performing equity markets in the world.
Spanish lender Bankia group is leading the market lower. Earlier in the week the government of Spain announced plans to inject funds into the beleaguered lender. Analysts are now saying they expect those funds to be dilutive for current shareholders. Other banks in Spain have joined Bankia group in the slide lower.
Traders can gain exposure to the Spanish stock market by trading iShares MSCI Spain Index (NYSE: EWP), an ETF which tracks Spanish stocks.
Spanish lender Bankia group is leading the market lower. Earlier in the week the government of Spain announced plans to inject funds into the beleaguered lender. Analysts are now saying they expect those funds to be dilutive for current shareholders. Other banks in Spain have joined Bankia group in the slide lower.
Traders can gain exposure to the Spanish stock market by trading iShares MSCI Spain Index (NYSE: EWP), an ETF which tracks Spanish stocks.
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