The Spanish and Italian stock markets took a major beating today, falling a dramatic 3.5 and 2.7 per cent respectively.Borrowing costs for both countries also soared today, with the Spanish 10-year yield closing at 7.63 per cent today.
Italian yields for bonds of the same maturity rose 24 bps to close at 10-year at 6.58 per cent.
Other European markets didn’t do very well either, though they managed to avoid serious losses:
Germany’s DAX: -0.4%
France’s CAC 40: -0.6%
England’s FTSE 100: -0.6%