Germany Down, Spain And Italy Up As EU Summit Gets Underway

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Core European markets sank but Spanish and Italian equities moved higher as EU leaders began their latest EU summit in Brussels.The DAX fell 1.6 per cent and the CAC 40 was off 0.7 per cent. Meanwhile, the Italian FTSE MIB was 0.4 per cent higher and the Spanish IBEX 35 had risen 0.8 per cent.

Yields on Italian and Spanish 10-year bonds were flat on the day after rising earlier, suggesting some hope that EU leaders might take measures to address pressures in peripheral bond markets.

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