Spanish lenders boosted by upgrade

The Spanish banks are outliers to the upside today after HSBC raises ratings across the sector. Both Santander (SAN +2%) and BBVA (BBVA +2.2%) have their Sell ratings removed in favor of Neutrals, while Banco Popular (BPESF.PK) is lifted from Neutral to Buy.

Madrid's IBEX 35 gained 0.5% on the session. EWP +0.6%.

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