"European markets and the euro have taken a turn for the worse today, smacked by headlines out of Spain"
- ETX Capital, London
Swiss stocks slid from a four-month high as Spanish bond yields jumped to Euro-era highs, escalating concerns that the Eurozone debt crisis is worsening.
The SMI, the Swiss blue-chip index, a measure of the largest and most actively traded companies, lost 0.6% falling to 6,284.81, even as the Eurozone finance ministers approved bailout of Spanish banking sector.
"European markets and the euro have taken a turn for the worse today, smacked by headlines out of Spain," Ishaq Siddiqi, Market Strategist at ETX Capital in London.
"Although EU finance ministers have adopted the Spanish bank bailout, sentiment has been rattled by Spain painting a bleaker outlook than previously by downgrading its economic growth forecasts."
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