Around the World's Markets: Madrid

SPAIN'S Ibex index of the 35 most traded stocks gained 2 per cent to close at 9,453.3, driven largely by speculative buying in bank stocks.

Shares in Spanish banks have suffered heavy losses in the past three days because of concerns about the value of their Latin American holdings after falls in Latin American stock markets. The region may yet suffer more fall-out from the Asian and Russian troubles: the Venezuelan and Brazilian currencies are seen as particularly vulnerable.