Date: Thursday 28 Jun 2012
-Spanish 10 year bond yield backs off towards 6.95%
-Germany blinks on shared debt-WSJ
-Italian debt auction results more or less in-line
-German official warns against high expectations
Stoxx 600: -0.87%
FTSE Mibtel: 0.01%
Ibex 35: 0.18%
The major European equity benchmarks are holding near their worst levels of the day, with large losses. That as the European Union´s summit kicks off and with some German government officials having warned against high expectations this morning.
That apparently led to selling pressure on periphery bond yields early on as markets moved to temper their expectations for today and tomorrow´s summit.
However, in an interview with The Wall Street Journal German Finance Minister Wolfgang Schauble has indicated that his country may be willing to move sooner than expected to accept shared liability of Eurozone debt and would support short-term measures to deal with the acute financing problems facing some of the region´s governments.
The key for Berlin is that the path toward establishing centralized European controls over national fiscal policy is irreversible. That could happen before full implementation of treaty changes.
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