May 25, 2018 / 10:38 AM / 6 months ago

Spanish bond yields rise, stocks fall as PM Rajoy faces no confidence vote

LONDON, May 25 (Reuters) - Spain’s borrowing costs rose while stocks fell sharply on Friday after a no confidence motion was mooted against the country’s Prime Minister Mariano Rajoy.

Spain’s Ciudadanos party said it was ready to put forward its own motion of no confidence against the prime minister over a graft case involving members of his People’s Party, after the opposition Socialists tabled a no confidence motion.

Spanish 10-year government bond yields rose after the news came out, reversing an earlier fall, and was up 3 basis points on the day at 1.43 percent.

Spain’s main stock index fell to its lowest level since April 30, down 0.8 percent. Bank stocks Santander , Caizabank and BBVA tumbled 1.2 to 3.2 percent. (Reporting by Helen Reid, Editing by Abhinav Ramnarayan)

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