Was it only yesterday that we showed a chart [2] of IBEX's big positive moves and the subsequent actions? The news this morning, after IBEX bounced off decade lows yesterdays in its dead-cattedness, that the Spanish banking system bailout is considerably smaller than expected (EUR15bn against expectations of EUR30bn and our own discussed estimates that they need EUR58bn [3]) and sure enough IBEX (and Spanish sovereign bonds and financials) are all re-plunging.
[4]
Chart: Bloomberg