Stocks and euro fall as investors fear details of €100bn Spanish bailout

Stocks and the euro fell yesterday as investors worried about details of a €100bn deal to shore up Spain’s banks, prompting traders to cash in hefty gains triggered by the widely expected deal.

Wall Street traded lower after closing its best week of the year on Friday, gaining almost 4%, on hopes of the bailout for Spanish banks.

Spanish bond yields rose as investors worried about the source of funds for the deal, and whether it will add to the country’s debt burden.