Euro market seizes up ahead of Italian auction

12 Jul 2011

Public SSA markets are closed for new euro issuance as last week's wave of panic in European sovereigns continued. Italian 10 year bond yields moved above 6% for a short period, but by Wednesday morning they had moved back to 5.25%-5.5% on talk of ECB support and an accelerated austerity package.

The move in Italian yields led to a recovery in risk assets generally. But Moody’s downgrade of the Irish sovereign by one notch to Ba1 on Tuesday night sent markets wider again and prompted more calls from bankers for further intervention by the ECB, as the only European ...

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