European stocks struggle as Euro declined after Catalan separatists won regional election in Spain
Stocks in Europe struggled for traction and the euro declined after Catalan separatists won a regional election in Spain, news which offset solid growth data from two of the region’s big economies. U.S. equity futures and the dollar nudged higher, while Treasuries were steady.
The Stoxx Europe 600 Index traded sideways as Spain’s Ibex 35 underperformed. The country’s bonds also fell along with peripheral European government debt, though bunds were little changed after a selloff this week drove yields to five-week highs. Equities in Asia ended largely in the green, with Japan’s Topix Index reaching its highest level since 1991. Although Treasuries stabilized, they were set for the biggest weekly loss since September as investors contemplate prospects for continued growth and reduced central bank stimulus.
Catalan separatist parties triumphed in regional elections, outperforming some polls and reigniting Spain’s political trauma. Investor concerns about the country were a distraction from economic data, with reports on consumer spending, wholesale prices and gross domestic product from France and the Netherlands underscoring the region’s health.
West Texas oil fell but held above $58 a barrel as U.S.crude stockpiles dropped to the lowest level in more than two years. Bitcoin tumbled as much as 21 percent as a wave of selling engulfed crypto-currencies, but recovered to trade 6.3 percent lower.
The Stoxx Europe 600 Index dipped 0.1 percent as of 10:44 a.m. London time. The U.K.’s FTSE 100 Index gained 0.1 percent to the highest on record. Germany’s DAX Index fell 0.1 percent. Futures on the S&P 500 Index climbed 0.1 percent. Japan’s Topix Index closed up 0.4 percent.
West Texas Intermediate crude declined 0.3 percent to $58.17 a barrel. Gold increased 0.2 percent to $1,268.44 an ounce, the highest in more than two weeks. Copper declined 0.4 percent to $3.21 a pound, the first retreat in more than two weeks and the biggest fall in two weeks.