Wednesday, May 9, 2012

European shares dip as Spanish banks fall

The euro neared a three-month low and safe-haven German bonds and the Japanese yen rose on Wednesday as political disarray in Greece and the rising costs of fixing Spain's banks fueled fears the euro zone debt crisis would take a sharp turn for the worse.
The concerns over Europe added to worries about the impact of softer growth in the U.S. on the global economy to push down European shares. 
Spanish 10-year bond yields climbed back above 6 percent - a point away from levels deemed unsustainable - and investors kept a wary eye on Athens, where efforts to form a government were expected to fail, putting its bailout deal in doubt and raising the possibility of Greece being forced out of the euro.

Read more: Money Control


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