Spanish Bank Stress Test Has European Markets Down, Commodities Make a Slight Gain

“European stocks and U.S. futures dropped, while Spanish bonds fell, pushing the yield on the benchmark 10-year securities above 6 percent, before stress tests on the country’s banks. Treasuries and commodities rose….

Spain will present the results of stress tests on its lenders at 6 p.m. in Madrid today. The country’s Prime Minister Mariano Rajoy cut ministries’ spending and imposed a tax on lottery winnings, while France aims to reduce its deficit to 3 percent of gross domestic product from 4.5 percent in 2012. Japan’s industrial production fell more than expected, while output in South Korea dropped for a third month, government reports showed.”

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