Risk appetite among traders suffered yesterday amid persistent concerns surrounding Spain as evident from rising bond yields in the region. The ECB’s rejection of the plan for refinancing Bankia, coupled with a credit rating downgrade of Spain, has worsened matters. Reports suggesting that China has no plan to introduce large scale stimulus also soured market mood. Traders are now likely to focus on Eurozone confidence indices, Italian bond auctions and US housing data due later today for further hints on the state of the global economy. In the UK, data just out revealed that M4 money supply declined for April.
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