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Market recovery follows Spanish bond auction

16th December 2011

Markets in both the UK and US have responded positively to the successful completion of today's (December 15th) Spanish bond auction.

The FTSE 100 has improved by 0.65 per cent to stand at 5,402 in trading this afternoon, while the Dow Jones Industrial Average and S&P 500 were both shown higher.

According to Proactive Investors, Spain witnessed yields on its bonds of 4.02 per cent and managed to sell €6 billion in five, nine and ten-year notes, when it originally hoped to sell just €3.5 billion.

"Investors are now getting to the stage whereby they are recycling funds into safe haven asset classes, packing their bags and leaving the market for the year end," said chief market strategist at City Index Joshua Raymond.

Earlier this week, markets failed to significantly react to the successful completion of Italian bond sales, with the fact the country remains in fiscal difficulties putting a dampener on proceedings.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.