Spain is part of the hope

After one of the worst sell-off days in weeks and talking about the “European problem”, some brokers find in Spain reasons for hope:

“I think there is some reason for optimism with respect of Europe. Spain is an example. They are taking the hard steps. They are going to have an election in November that will likely make the conservative candidate the new Prime Minister of Spain and they will continue to move on”, tells head of U.S. equity strategy at Barclays Capital, Barry Knapp, to Bloomberg.

Knapp doesn’t think we have a disaster scenario:

“I am not optimistic about the economic outlook. I just say that the market has over-shot a realistic path for the macro economy both in the US and Asia and in Europe probably aswell”.