Markets across Europe are trading lower this morning after a mixed overnight session in Asia (the Nikkei gained 0.2 percent and the Shanghai Composite was up 0.1 percent, but the Hang Seng fell).
Spain is leading the way lower, down 1.8 percent.
Italy is down 0.9 percent, while the London FTSE and the French CAC 40 are both off 0.6 percent.
In Spain, the biggest losers are construction stocks: Fomento de Construcciones y Contratas is down 2.5 percent, Sacyr Vallehermoso is down 2.4 percent, and Obrascon Huarte Lain is down 2.2 percent.
However, the sell-off appears broad-based – no issues are currently trading higher on the Spanish IBEX 35.
The big economic news so far this morning is out of Germany: unemployment fell to 6.8 percent (economists expected it to be unchanged at 6.9 percent), but retail sales plunged 1.7 percent in December against expectations of a 0.1 percent decline.
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