Spanish 10-year yield rises 7 bps to 3.5408% after Trump criticizes Spain’s NATO spending

According to CNBC, President Donald Trump criticized Spain for not contributing enough to NATO while attending the alliance’s summit in Turkey, calling Spain “a terrible partner” at a press conference in Ankara with NATO Secretary General Mark Rutte. Spanish bonds slid further after the comments, with the yield on Spain’s benchmark 10-year bond last seen 7 basis points higher at 3.5408%, while the Spanish IBEX 35 equity index was last seen down more than 1%. CNBC said Spain is the only NATO member that did not commit last year to spending 5% of GDP on defense by 2035.