Spain Is Today's Big Winner

The big winner today is Spain.

The stock market, as measured by the IBEX 35, is up 1.6%.

GDP in the second quarter shrunk merely 0.1%, which was an improvement from the 0.5% shrinkage in Q1.

It would appear that the country will soon see some growth.

Obviously this is good news that things aren't accelerating to the downside, and might actually improve. But as with many other parts of the periphery, the damage that's been done is so bad, it remains a question whether enough growth can come to quell political anger among the public.