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Markets are up early in the European trading session.England’s FTSE 100 is up 0.1 per cent.
France’s CAC 40 is up 0.4 per cent.
Germany’s DAX is up 0.1 per cent.
Spain’s IBEX is up 0.3 per cent.
Italy’s FTSE MIB is up 0.4 per cent.
Earlier this morning, Italy sold 4.0 billion euros worth of 10-year bonds at a yield of 4.83 per cent. The borrowing cost is up from 4.17 per cent at a similar auction last month.
Despite the higher borrowing cost, markets seem to be relieve that the auction went as smoothly as it did, especially given the ongoing political turmoil in Italy. There was some concern that the yield could go as high as 5 per cent.