Yields On Spanish And Portuguese Bonds Race Higher Ahead Of Two Crucial Bond Auctions

In Europe, the big fireworks are expected to come Wednesday and Thursday when Portugal and Spain hold big bond auctions.

Today, both are seeing 10-year bond yields zoom towards right near all-time highs. The Portuguese 10-year is now up to 7.155%, within a few basis points of a record.

Not surprisingly, the euro is sliding, and equities are getting hammered. Here’s the IBEX.

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