European markets edgy as Spanish yields rise to 6.53 per cent
29 May 2012
European markets were edgy today as concerns increased about Spain's soaring borrowing costs and embattled banks.
Stocks on leading indexes, apart from Ibex 35, largely remained subdued, on news that China was in the process of preparing new measures to stimulate its economy, and as investor fears over eurozone debt crisis loomed large.
Spanish 10-year bond yields were up at 6.53 per cent yesterday, their highest level since November 2011 as they edged towards what has come to be widely regarded as the 7 per cent danger zone.
Greece, Ireland and Portugal were all forced to seek an international bailout at the level on concerns of borrowing costs becoming unaffordable for Spain, Europe's fifth largest economy.
Retail sales in Spain were down a record 9.8 per cent in April
To worsen its economic travails, retail sales in Spain were down by a record 9.8 per cent in April.
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