Bill Bonner – Bill Bonner’s Diary (United States) –
Investors are shrugging off calls for Catalan independence…
The local parliament of the wealthy region in northeastern Spain declared independence today.
In response, Spain says it will strip the local parliament of its powers and impose direct rule from Madrid.
Today’s chart tracks the MSCI Spain Index versus the S&P 500 year to date.
As you can see, despite the declared secession of one of its wealthiest regions, Spanish stocks are up 23% so far in 2017.
That compares with a gain of 13% for the S&P 500.
– Chris Lowe