The benchmark stock index in Madrid has risen on open this morning (October 5th), following a statement from the Spanish economy minister insisting the country does not require a bailout.
Speaking at the London School of Economics last night, Luis de Guindos refuted speculation the troubled Iberian nation would be applying for a financial rescue package as soon as this weekend, following in the footsteps of Greece, Portugal and Ireland.
"Spain does not need a bailout at all. What we are doing is what we think is the correct thing not only for Spain but for the future of the eurozone," he said.
Last month, the country's government unveiled a series of austerity measures and structural reforms aimed at saving €13 billion (£10.4 billion) in 2013, by cutting funding for health, education and social services and slashing public sector pay.
At 09:45 BST, the Madrid Ibex was 0.4 per cent higher to a value of 7845.5 points.
Find the latest spread betting strategies for the international markets at City Index.
StoneX Financial Ltd (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.