Spain’s Market Gains Shaking Off Tandem Moves With Italy: Chart

Spanish and Italian equities, which have moved in sync amid major European events ranging from the sovereign-debt crisis to Brexit, diverged in the third quarter. The IBEX 35 Index has risen 7.8 percent for one of the euro area’s biggest gains in the period, while the FTSE MIB Index, up just 0.9 percent, is the worst performer. As Spanish shares rose amid growing prospects for acting Prime Minister Mariano Rajoy to stay in power, in Italy a banking crisis and an upcoming referendum held back equity gains.

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