Markets across Europe are trading lower this morning after a mixed overnight session in Asia (the Nikkei gained 0.2 per cent and the Shanghai Composite was up 0.1 per cent, but the Hang Seng fell).Spain is leading the way lower, down 1.8 per cent.
Italy is down 0.9 per cent, while the London FTSE and the French CAC 40 are both off 0.6 per cent.
In Spain, the biggest losers are construction stocks: Fomento de Construcciones y Contratas is down 2.5 per cent, Sacyr Vallehermoso is down 2.4 per cent, and Obrascon Huarte Lain is down 2.2 per cent.
However, the sell-off appears broad-based – no issues are currently trading higher on the Spanish IBEX 35.
The big economic news so far this morning is out of Germany: unemployment fell to 6.8 per cent (economists expected it to be unchanged at 6.9 per cent), but retail sales plunged 1.7 per cent in December against expectations of a 0.1 per cent decline.