In view of the tensions between Rome and Brussels, the sell-off of Italian government bonds is continuing, driving yields on ten-year securities to over 3.7% – the highest level in the past four-and-a-half-years. The spread to comparable German government bonds thus widened to 312 basis points, or to a five-and-a-half-year high. Rising interest rates on capital markets continue to cause nervousness on stock markets and yesterday pushed the German stocks benchmark Dax to its lowest level since the beginning of April.
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