WSJ: Europe Stocks Slump On Euro-Zone Worries |
| Wall Street Journal - Apr 4, 2012 |
European stock markets slumped Wednesday as surging Spanish and Italian government yields renewed worries over the euro-zone debt crisis.
The benchmark Stoxx Europe 600 index slid 2.1% to 258.76, its lowest close in almost a month. The Spanish IBEX 35 index lost 2.1% to 7663.60, while the country's benchmark bond yields jumped. Elsewhere, Italy's FTSE MIB index fell 2.4% while Portugal's PSI 20 declined 2.7%.
Among major benchmark indexes, London's FTSE 100 Index fell 2.3% to 5703.77, Frankfurt's DAX slid 2.8% to 6784.06 and Paris's CAC 40 Index dropped 2.7% to 3313.47. The losses also pulled down U.S. stocks.
(This story and related background material will be available on The Wall Street Journal website, WSJ.com.)
Spain's borrowing costs rose on weak demand at the country's first debt auction since the government announced its budget last week. The government sold a total of EUR2.589 billion ($3.43 billion) of debt that matures in 2015, 2016 and 2020, near the bottom of its target of between EUR2.5 billion and EUR3.5 billion. That pushed up yields in the secondary market; Spain's 10-year bond yielded 5.68% late in the European day, up from 5.45% on Tuesday, according to Tradeweb.
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- Posted: 2012-04-04 12:34:51
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