Markets closed at their highs in Europe.
A slew of manufacturing PMI reports signaled contraction for most of the region. However, in general, the reports were no worse than expecations.
This was also the first trading session after the Spanish bank stress tests were released. Investors seem to be relieved that the results weren’t any worse than expected. Consulting firm Oliver Wyman estimated a 60 billion euro shortfall for the country’s banks.
Italy led the way with its FTSE MIB index jumping 2.7%.
Here’s an intraday look: