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Home>European Morning Briefing: Stocks to Lack Momentum as Spain Troubles Persist

European Morning Briefing: Stocks to Lack Momentum as Spain Troubles Persist

European Morning Briefing: Stocks to Lack Momentum as Spain Troubles Persist

10/05/2017

 Snapshot: ======== 

Stocks seen little changed; EUR/USD 1.1755-58; bund yield 0.456%; Brent crude $55.77; gold $1273.30

-Spain Tense as Catalonia Moves Toward Secession

-Siemens to Sell 17.34% Stake in Osram

-Tesco to Review Contracts and Centralize Orders, CFO Says

Watch For: Eurozone retail PMI; ECB accounts of its last monetary policy discussions; no major earnings scheduled

 Headline News: ============= 

Catalonia set a course toward declaring its secession from Spain as soon as Monday after separatist parties requested the regional parliament convene that day to review the results of this week's independence vote, injecting further tension in the standoff with the Spanish government.

The request came on Wednesday as Catalan President Carles Puigdemont made a televised address in which he took issue with a speech Spain's king made the previous evening admonishing Catalonia's leaders for "inadmissible disloyalty." Addressing the monarch, Mr. Puigdemont said his speech had "disappointed many in Catalonia, who appreciate you...[and] expected another tone from you, a plea for dialogue and harmony."

Two separatist parties that control Catalonia's parliament petitioned Mr. Puigdemont to discuss the official results of Sunday's referendum on independence, advancing the wealthy Spanish region toward declaring a split with Spain. Mr. Puigdemont, who has been at the head of Catalonia's secession push and is a member of one of the parties, said this week Catalan leaders "will act over the weekend or early next week."

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