... The Spanish IBEX 35 index XX:IBEX +1.20% outperformed most of the European bourses and jumped 1.4% to 6,866.90. Bankia SA ES:BKIA +8.46% surged 10.2%, Banco de Sabadell SA ES:SAB +7.12% jumped 5.9% and Banco Popular Español SA ES
OP +7.73% rose 5%.
The banking sector was also higher elsewhere, shaking off a fresh round of downgrades from Moody’s Investors Service, which late Thursday slashed the credit ratings on 15 major financial firms. See: Moody's cuts ratings on 15 financial firms.
“A lot of this was already discounted by the markets,” Gijsels said. “This is the first positive sign for the banking sector — that it doesn’t go down too much on bad news anymore is a positive for the market.”
Major French banks in the downgrade batch, Credit Agricole SA FR:ACA +1.59% gained 2%, Société Générale SA FR:GLE +1.38% rose 1.8% and BNP Paribas SA FR:BNP +0.38% took on 1.2%...
/... http://www.marketwatch.com/story/europe-stocks-slump-after-bank-downgrades-2012-06-22?link=MW_Nav_NV
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