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European markets are coming back to as bond yields retreat. The Spanish 10-year yield is back to 6.70 per cent.
ORIGINAL (10:20 AM)
US stock markets just went negative after Fitch downgraded the long-term issuer default ratings on 18 banks.
Borrowing costs in Italy and Spain are surging. The Spanish 10-year yield surged through a euro-era high and is currently north of 6.8 per cent!
Meanwhile, European stock markets are also falling. Italy’s FTSE MIB is down 1 per cent.
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