One of the outperforming markets this morning is Spain. That’s something you don’t typically hear.
Spain’s Prime Minister Mariano Rajoy announced a fresh round of spending cuts and tax increases for the debt laden country.
Cuts are expected to total $80 billion.
Spain’s IBEX 35 index is up 0.5 per cent.
And the government’s borrowing costs are down modestly. Here’s a chart of the Spanish 10-year yield which is at 6.77 per cent.