Rising equity prices in the US and Europe yesterday masked a growing sense of foreboding among investors about the potential impact of the deepening banking and sovereign debt crises in Spain.
The euro sank below $1.25 to its lowest level against the dollar for nearly two years, undermining commodity prices, and there was no sign of a let-up in demand for US and German government debt.
As such, some observers were surprised to see the yield on Spain’s 10-year government bond – viewed by many as a crucial gauge of eurozone stress – fall 3 basis points to 6.46 per cent.
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