Europe closes lower, giving up sizable early gains as the ECB reiterates it will take no action...

|By:, SA News Editor

Europe closes lower, giving up sizable early gains as the ECB reiterates it will take no action until Spain submits to a bailout, i.e., until conditions get worse. The Spanish 10-year yield rises 10 bps to 5.90% after an auction which was labeled a success just because buyers showed up. Stoxx 50 -0.3%. The euro +0.7% to $1.2993.