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Bond yields rise to 4-month high as Italy sells 6-month debt

By Investing.com  |  Economic Indicators  |  Feb 26, 2013 10:13AM GMT  |   Add a Comment
 
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Investing.com - Italy saw borrowing costs rose to the highest level since October at an auction of six-month government bonds on Tuesday, amid concerns that Italian election results could threaten economic reforms and reignite financial instability in the euro zone.

Bond yields rise to 4-month high as Italy sells 6-month debt
Italy’s Treasury sold EUR8.75 billion worth of six-month government bonds at an average yield of 1.237% earlier in the day, up from 0.731% at a similar auction last month.

Demand was steady, with bids exceeding supply 1.44 times versus a "bid-to-cover" ratio of 1.64 in January.

The yield on Italian 10-year bonds stood at 4.77% following the auction.

Meanwhile, the euro remained higher against the U.S. dollar, with EUR/USD adding 0.34% to trade at 1.3108.

European stock markets held on to sharp losses. Italy FTSE MIB Index plunged 4.2%, the EURO STOXX 50 dropped 2.3%, France’s CAC 40 declined 2%, Germany's DAX tumbled 1.8%, while London’s FTSE 100 fell 1.2%.

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