Growing fears over the health of Europe's weakest economies rocked global markets yesterday, sparking sharp falls in shares on the continent and a worldwide flight to the safety of the US dollar and Treasuries.
Portuguese, Spanish and Greek markets were hit hardest, as investor fears over their mounting public debt undermined confidence in their economies and the ability of their governments to fund swelling budget shortfalls.
The dollar surged to its highest level against the euro in more than seven months, while US Treasury prices rose. The Vix index, which tracks volatility on the S&P 500 and is known as Wall Street's fear gauge, jumped 17 per cent to 25.22.
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