Spreadex Market Update
Investors take step back
Global markets began this week with a roar of optimism as traders bought into the short-term fix offered by various Eurozone members for Spanish banks in the form of a token 100 billion Euros to save Spain’s faltering banks.
Nevertheless, this advance was short-lived as bears sought to remind the markets that the meagre amount provided to Spanish banks was not enough to compensate for a prolonged exposure to toxic debt particularly caused by a collapsing Spanish property market as well as catastrophically high unemployment claims.
The heroes of the day, the banks, quickly became the villains leading global declines.
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