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| Español: mapa de las autovías deMadrid (Photo credit: Wikipedia) |
The euro zone blue-chip Euro STOXX 50 .STOXX50 index, which has fallen 8.8 percent from a 6-month high hit in mid-September, ceded early gains to stand down almost 1 percent at 1145 GMT.
Global stocks .MIWD00000PUS were pulled to near flat. Madrid's IBEX.IBEX led the falls down 1.3 percent, as the early lift from Spain's new round of spending cuts, which had also boosted U.S. and Asian markets overnight, collapsed.
"We had some boost overnight from Spain but at the moment we are looking to the U.S. data later," said Rabobank strategist Philip Marey, adding that recent global data had not been promising. "Although the markets had a lift from the ECB and the Fed decisions, everything we have seen this week has not been good."
Spain, too, will remain in focus. The results of an independent audit of the country's banks will be published later in the day, while Moody's Investors Service is expected to finish a rating review which may cost Madrid its sovereign investment grade status.
France is also under the microscope with President Francois Hollande's fiscal credibility on the line. His first annual budget, France's toughest in 30 years, raised taxes to bring in 30 billion euros ($39 billion) to keep deficit-cutting promises.
As equities dropped, the euro was left clinging to slim gains. The single currency, which had fallen more than 2 percent in less than two weeks until Wednesday, was up 0.09 percent at $1.2935 at 1145 GMT against a broadly flat dollar. ... Continue to read.
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