The focus of the Eurozone crisis has turned to Spain whose banking sector has been downgraded despite announcement of reforms a week ago. Peripheral yields soared and stock markets plunged. A point of postive news did come from Greece with the latest poll showing an increase in support for the New Democracy party. In the commodity sector, gold jumped for the first time in 5 days as the US dollar dropped amid disappointing US data. The benchmark Comex contract rose to a 4-day high of 1579.8 before settling at 1574.9, up +2.49%.
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Downgrade of Spanish Banking Sector Sent Financial Markets Lower
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