The Madrid Ibex stock index has slipped today (October 26th) as Spain's unemployment climbs to fresh highs.
According to the National Statistics Institute, in the third quarter of the year one in every four Spanish citizens was jobless, with 25.02 per cent of people out of work.
This is up from the second quarter's 24.6 per cent and is the highest level seen since at least 1976 – the year after dictator Francisco Franco's death led Spain to democracy, Bloomberg reports.
The Bank of Spain projected this week that the country – which has the fourth-largest economy in the eurozone – would continue to struggle in the latter part of 2012 following a fifth consecutive quarter of contraction.
At 12:00 BST, the Madrid Ibex was lower by 0.9 per cent to an index value of 7708.5 points.
Find out about the Madrid Ibex and spread betting strategies at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.