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April 27, 2015
NEW YORK — Here's a trick question: Are Spanish stocks up or down this year?
For someone sitting in a Barcelona cafe, the answer is obviously up. Spanish stocks have climbed 10.9 percent in euros. But for someone counting in U.S. dollars, each of those euros is worth less than at the start of the year, so the same MSCI Spain index is down 1.7 percent in dollar terms.
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