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News Summary: Spanish economy shrank in 3Q

MORE CONTRACTION: Spain's economy shrank 0.4 percent in the third quarter compared with the previous three months, according to central bank estimates Tuesday. It was the fifth quarter in a row that Spain's economic output has contracted.

THE TAKEAWAY: The latest report will increase pressure on Prime Minister Mariano Rajoy to seek financial help from Europe.

THE OUTLOOK: The forecast is for a 1.5 percent contraction this year and 0.5 percent in 2013. Earlier this month, the International Monetary Fund forecast that Spain's economy would contract 1.3 percent next year, more than double the government's prediction.