Spain ETF Defies Economic Reality

The iShares MSCI Spain Index ETF (NYSE: EWP) is trading up 52.2% over the past six months, as investors have becoming increasingly optimistic about a eurozone recovery. But despite investor optimism, the country has seen its exports fall, housing market contract, and a record 26% unemployment rate during the last quarter of 2012.

Spanish officials also predict that the eurozone's fourth largest economy will face a further slump this year at a time when the government struggles to meet its budget goals, according to a recent article on Bloomberg News.