• New figures show 25% of Spaniards out of work • Downgrade pushes yields through 6% • Czech government faces confidence vote • Eurozone retail sales fall at steepest rate since 2008 • Italian yields rise sharply at auction • US GDP at 1.30pm • Today’s agenda • Blogging now: Martin Farrer 12.22pm: Louise Cooper from BGC , pictured, has written a very good note on the Spanish situation this morning, including the amazing fact (that I haven’t checked yet) that one third of the eurozone’s unemployed live in Spain . Pointing out that bond yields spiked more on the terrible economic data from Spain than on last night’s downgrade, she goes on to comment on the state of the country’s banks, their exposure to dud property loans and how that compares to Ireland’s banks. She quotes a Bloomberg report in which BNP Paribas analyst Michael Sneyd estimates that Spanish banks need €100-120bn of new capital .

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