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April 18 Madrid leads the way lower in Europe, -3.1%. Given that, what would you think is happening to Spanish bond yields? Correlation fans will be disappointed, as the 10-year is off 8 bps to 5.80%. The utility sector is the big loser, led by Iberdola (IBDRY.PK), -7.3% after a struggling construction firm is forced to unload a big stake in the company.
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