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It’s been a very mediocre week in the markets, with equity indices in both Europe and the US giving up gains seen during last week’s Fed jubilee.Today it least gains are being made.
US futures are up on the order of 0.3%, and Europe is taking off nicely.
Italy is up 1%.
Spain is up 0.8%.
Germany is up 0.3%.
Borrowing costs in Spain are a bit lower.
Likely driver of the rally? There was an FT report out yesterday about progress being made on a Spanish rescue.
That really is the story of the day: When will Spain let the bailout process in Europe go forward?
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