Spain Service PMI Drops In September

Spain’s final service PMI dropped to 49.0 points lower in September, falling below the 50 threshold and lower than previous reading of 50.4 in the previous month, the Markit Economics reports confirmed.

“The Spanish service sector failed to show much sign of a recovery during September as activity fell back in response to weaker new order growth which itself had been supported by further sharp discounting. One bright spot from the latest survey was that companies were at their most optimistic about the future for nearly three-and-a-half years, suggesting that Spanish service providers are seeing some light at the end of the tunnel.” Andrew Harker, a senior economist at Markit commented.. Read more

Spain Unemployment Soars

Spanish riot police were called into action in the confines of the Spanish parliament’s offices as following the announcement of the country’s unemployment rate hitting an all-time high.

Demonstrators were said to be seen to be pulling down railings, hurling missiles and pushing down police barricades in the Spanish capital. Read more

S&P Cuts Credit Rating of 7 Spanish Banks

Standard & Poor (S&P)’s International rating agency cut the credit ratings of 7 Spanish banks in the wake of the sovereign rating downgrade to ‘BBB-‘. The banks that have suffered in the downgrade late on Tuesday were Banesto, Banco Popular, Banco Sabadell, Bankia-BFA, CaixaBank as well as BBVA and Santander – the two largest banks in Spain. Read more