People were fleeing to areas without water supplies or adequate sanitation
world1 hour ago
Spanish stocks and the euro fell while Spanish government bond yields hit one-month highs on Friday, after Catalan separatists won a regional election, likely prolonging political tensions that may hurt the eurozone's fourth-largest economy.
The IBEX fell as much as 1.2 per cent, while financial stocks were the biggest drag on stock indices across the region, with the eurozone banks index falling nearly one per cent.
The pan-European Stoxx index dipped only 0.1 per cent, while Spanish stocks were among the heaviest fallers, confirming analyst expectations that any shake-out from the Catalonia vote would be mostly confined to Spain.
Spanish stocks were Europe's best-performing benchmark for much of the year, before October's independence referendum turmoil sent the IBEX tumbling. It was last nine per cent down from its May peak.
The Spanish result is also a setback for the European Union, which must now brace for more secessionist noise as it grapples with the disruption of Brexit and simmering east European discontent.
Germany's DAX edged down 0.2 per cent, while France's CAC 40 fell 0.3 per cent. Britain's FTSE 100 hit a fresh record high in holiday-shortened trade.
Wall Street futures indicated a positive open.
Having fallen as low as $1.1817 on preliminary results from regional votes in Catalonia, the euro trimmed its losses and was last at $1.1853, down 0.2 per cent on the day.
"I very much doubt that these losses will turn out to be sustainable," said Commerzbank currency strategist Ulrich Leuchtmann, in Frankfurt. "Yes, the separatists defended their majority in the regional parliament, so that the tensions between Madrid and Barcelona are likely to continue. But the market kept its cool when the conflict last escalated and the euro remained relatively unaffected, and so it would come as a big surprise to me if that were to change now," he added.
Meanwhile, the MSCI index of world stocks was flat. Asia-Pacific equities took their cues from Wall Street, where all three main indexes posted gains on strength in bank and energy stocks and news the US economy grew in the third quarter at its fastest pace in more than two years.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.5 per cent higher. Hong Kong's Hang Seng added 0.3 per cent and Shanghai dipped 0.1 per cent.
Australian stocks rose 0.15 per cent, while South Korea's Kospi gained 0.45 per cent. Japan's Nikkei climbed 0.15 per cent.
The dollar index, which measures the US currency against a basket of peers, was up 0.1 per cent.
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