London — Global stock markets hit a record high on Wednesday with investors in exuberant mood in the US overnight and in Asia later, but sentiment in Europe was soured by a political crisis gathering steam in Spain. Tensions between Madrid and Catalonia have risen since the wealthy region held an independence referendum on Sunday that was tarnished by police violence. Fallout from those clashes nudged Spanish stocks towards their biggest daily fall in more than a year on Wednesday, in turn dragging down other European bourses. Catalonia would move as soon as this weekend to declare independence from Spain, the region’s leader said. "If you look at the European markets, the continued political worries in Spain are the main driver, and the uncertainty seems likely to continue if the regional government declares independence," Investec economist Ryan Djajasaputra said. While world stocks hit a fresh record high, the pan-European STOXX 600 index was down 0.2% while Spain’s IBEX fell as ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.