FXstreet.com (Barcelona) - According to Macro Strategy Analyst J. Reid Deutsche Bank, “Industrial output in the October is struggling to find much momentum after what was a near one-way streak of good news in Q3 - indeed in the month since QE3, many risk assets have struggled to find a reason to climb further.” There weren't any specific catalysts yesterday for the weakness, but the IMF's growth downgrade.

On the other side of the Atlantic, there was also some disappointment that a Spanish bailout wasn't discussed at the European finance ministers meeting given that the sovereign was funding itself successfully in financial markets. “It is the same catch-22 situation we've found ourselves in a number of times during this Sovereign crisis and in reality the market will likely need to force the issue if it really wants a bailout request.” Reid adds.

According to the IMF report, Spain was listed as the top fiscal consolidators over 2012-2013 in the euro area, though also one of the countries that have seen the biggest rises to gross debt given the growth weakness. All these added a cautious tone to the Spanish complex with the 10-year government bond yield up 11bps to 5.82% and the IBEX down 1.5%. Spanish senior bank's CDS also ended the day 10-15bp wider.