Global stock markets surge

Stock markets around the world surged yesterday on hopes that Republicans and Democrats in the United States would come to an agreement on the federal budget, which has caused a temporary shutdown of the world's strongest economy. Nobody expected this outcome, but several days of government shutdown in the US has rattled the nerves of emerging economies such as China, who is pressing Obama to reach some sort of agreement.

The problem is not resolved, but it looks like officials are trying to buy more time to negotiate a deal. Whatever the case, markets were content enough to celebrate a possible agreement and yesterday's news that Janet Yellen will succeed Ben Bernanke as Chairman of the Federal Reserve. Investors know that Yellen will keep money flowing in the US economy and make sure to enact a safe and slow reduction in the nation's stimulus program.

In Spain, the Ibex rose to 9,660.6 points and had its best day in the past three months. The Index has spiked 18.28% this year and is beating all other European stock market indexes.

Spain is starting to attract investment capital in fixed income (65% of treasuries have been purchased by foreign investors) and stocks. Companies are deleveraging themselves and should finish the fiscal year with 186,568 euros in debt, which is 2.61% of their EBITDA. This is the lowest level in eight years.

For this reason, the Spanish stock market continues to attract foreign investors, who understand that the big companies have cleaned up their balance sheets and are going to improve their profitability as the recovery sets in. A budget agreement in the US will help.