Spain is in a recession
Stocks fell, while the euro weakened for a third day against the yen, as reports showed Spain entered its second recession since 2009 and U.S. business activity cooled. Treasuries and German bunds advanced.
The Standard & Poor’s 500 Index lost 0.4 percent to 1,397.78 at 4 p.m. in New York and snapped its longest streak of monthly gains since 2009. The Stoxx Europe 600 Index declined 0.7 percent. The euro weakened 0.7 percent versus the yen. Ten- year Treasury yields decreased one basis points to 1.92 percent and the rate on similar maturity German bunds declined four points to 1.66 percent, approaching last week’s record low of 1.63 percent. Oil slipped six cents.
Spain’s gross domestic product fell 0.3 percent in the first quarter, the government said today as it struggles to narrow a budget deficit by 3.2 percentage points of GDP. U.S. consumer spending rose 0.3 percent in March, according to Commerce Department data, while an Institute for Supply Management-Chicago Inc. report showed business activity expanded in April at the slowest pace since 2009.
following closely behind the UK..next is italy..