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Friday, April 13, 2012

Euro Zone News - 4/13/12

Spanish shares lead the way down in Europe after data on its banks' dependence on the ECB. The IBEX 35 -2.2%. Banco Santander (STD) -1% premarket. BBVA -1.7% in Madrid. Europe as a whole: Stoxx 50 -1%. The divergence between Spain and the rest continues to grow.

Italian industrial production fell 0.7% in February, inline with expectations, and following a revised-lower 2.6% decline in January. Production was off 6.8% Y/Y. The MIB 40 -1.3%. Bond yields are flat, the 10-year BTP at 5.41%.

Spanish banks' borrowings from the ECB jumped nearly 50% in March to €227.6B, as they took up 29% of the central bank's late-February LTRO. "A consequence of the (LTRO) is that the correlation between sovereign risk and banking risk increased all over Europe." That's not some EMU permabear speaking, that's Spain's Economy Minister Luis de Guindos.

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