Despite that no "fix" is in sight, stock futures rose on Friday, even following more bad economic data. However, once Congressional leadership reported a "constructive" meeting with President Obama, stocks leaped out of the red and into the black.
Stock futures continued to rise Sunday evening and into the European session, rising modestly during the session. This, even though Spanish debt continues to deepen.
"One of the darkest parts of the Spanish economy, and therefore the European economy, the bad loans held by the banking system continues to get worse.
"From Reuters:
Spanish banks' bad loans rose to 10.7
percent of their outstanding portfolios in September, reaching a fresh
record high, Bank of Spain data showed on Monday, up from 10.5 percent a
month earlier.
"The total pile of bad debt is now a staggering $182.2 billion."
