European markets ended mixed on Wednesday after Spain’s Prime Minister Mariano Rajoy denied reports that he would be seeking a bailout for Spain this weekend.
European markets closed mixed on Tuesday, with Spanish stocks higher on ongoing hopes that Spain will seek a full bailout, a move which would ease investors' concerns over the euro zone debt crisis.
The differences in approach could not be more distinct — or telling. Fresh austerity measures were announced last week by Prime Minister Mariano Rajoy of Spain. Two of the most economically distraught countries in the euro zone, Greece and Spain, mapped out additional budget cuts last week, the New York Times reports.
European markets are set to extend losses on Monday as investor concerns turn to Spanish bank recapitalization needs and a possible downgrade to the country’s credit rating.