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Global stocks, euro fall on Greece exit worries
(Reuters) - World stocks skidded and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which threatened to deepen the region's debt crisis and hurt an already fragile global recovery.
Nervous investors piled into low-risk U.S. and German government debt, sending their yields lower. The dollar also was favored as a safe haven by investors.
Each euro zone country will have to prepare a contingency plan for the possibility of Greece's leaving the bloc, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5 billion euros in new two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' ...
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Spain sells 2.53 billion euros of short bonds
Amid the lingering tension in debt markets, and especially in Europe, Spain continues to suffer from rising borrowing costs as uncertainty over the euro outlook persists.
The Spanish Treasury today sold 2.53 billion euros of 3 and 6 month short term bills, just around the maximum target of 2.5 billion euros,
The nation sold 1.51 billion euros of three-month bills with the average yield rising to 0.85% from the previous auction in April at 0.6%; the demand was strong considering a bid-to-cover ratio of 3.95 times, yet compared to the previous at 7.6 times it is a strong plunge.
As for the six-month bills, the nation sold 1.0 billion euros of bills at an average yield of 1.74% rising from 1.58% at the previous auction, while the bid-to-cover ratio strengthened to 4.3 times compared with ...
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Global stocks, oil drop on latest euro zone fears
World stocks and oil prices fell on Thursday on concerns about the health of Spain's banks and the prospect of Greece leaving the euro zone.
Adding to pressure on Wall Street stocks was a U.S. government report showing manufacturing in the mid-Atlantic states unexpectedly contracted in May.
The data helped lift safe-haven U.S. Treasuries prices, and pushed the 10-year note yield to just 5 basis points from its lowest level in at least 50 years, while gold prices rallied 2.6 percent.
Worries about Spanish banks resurfaced after a media report said customers of Bankia (BKIA.MC) had withdrawn more than 1 billion euros from their accounts in the past week. The Spanish government said there had been no such exit of deposits.
Shares of the partly nationalized Bankia fell 13.5 percent but ...
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Euro, stocks dip on spreading euro zone fears
The euro slipped along with world stocks on Thursday as deepening turmoil in Greece and Spain kept investors wary of riskier assets, with weak U.S. economic data adding to the cautious mood.
Worries about the health of Spain's banks also resurfaced after a report that customers at Bankia (BKIA.MC) had withdrawn more than 1 billion euros from their accounts in the past week, though the Spanish government said there had been no exit of deposits from the lender.
The report followed suggestions that customers of Greek banks were moving funds in anticipation of its exit from the euro, adding to anxiety among investors about the lack of a firm plan to deal with the region's worsening crisis.
"The whole equities market is being driven by a macro trade based upon contagion fear in Europe, and ...
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After confirming recession, Spain’s borrowing costs rise at bond sale
Spain today is on the run with downbeat news. The early figures confirmed the relapse into a double-dip recession as the economy contracted by 0.3% in the first three month at the same pace in the previous quarter and followed by a downbeat bond sale this afternoon as investors are skeptic over the outlook for the nation amid renewed debt tension.
Spain met the maximum target and sold 2.5 billion euros of bonds due 2015 and 2016 but the borrowing costs continued to rise.
The yield on the January 2015 bond nearly doubled to 4.375% compared to 2.89% at the previous auction. The bid to cover ratio was 4.47 times also strongly above the previous 2.41 times the previous auction, as this shows investors are willing to take the risk on the outcome for rising return, and somewhat shows faith ...
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Gold rebounds from record low, yet may come under pressure
Gold rebounded from four and half month low hit yesterday as investors deemed the metal oversold and will rebound, yet the shiny metal may come once again under pressure on deepening woes from the euro area.
The shiny metal is currently trading around $1549.38 an ounce after recording a high of $1553.52 and a low of $1538.57, where the metal is oversold and may do an upside correction, as depicted by the Stochastic Oscillator momentum indicator on the daily charts.
Worries from Greece are still persisting with elections coming by mid-June amid speculations Greece may exit the euro bloc.
Yesterday, ECB President Mario Draghi said he strongly advocates the stay of Greece in the European monetary union, but the ECB will not forego inflation mandate and balance sheet to keep it in.
The ...
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Italy and Spain suffer rising costs at auctions as debt crisis extends
Amid the political havoc in Greece and tension over the fate of the debt-laden nation and the case for the first euro exit, the tension extended to hammer Italy and Spain as both nations auctioned bonds today to suffer rising borrowing costs.
The debt market tension resurfaced once again in the past period and the ECB till now has been dormant. Both nations are already center stage and specially Spain which still fared worse between the two.
Italy sold a total of 5.25 billion euros at the auction meeting the top of the set range of 3.50-5.25 billion euros.
Italy auctioned different maturity bonds due in 2020, 2022 and 2025 which it does not issue at a regular basis and saw demand strong for the bonds as the total bids were nearly twice the allotted 1.75 billion.
Italy sold 651 million ...
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World stocks fall, bonds gain on Greek fears
Global shares slid for a sixth day while safe-haven U.S. and German government debt rose on Wednesday as rising fears about the fragility of Spanish banks and a political impasse in Greece worsened fears about the euro zone debt crisis.
The concerns over Europe added to those of U.S. and global economies turning softer. The turmoil put the Dow Jones industrial average on track for a sixth day of losses and nearly wiped out this year's gains for European shares.
Oil prices also slid for a sixth straight session as gold touched a four-month low that all but erased its gains for 2012.
The euro zone debt crisis prompted investors to favor the dollar and seek safety in government debt.
But U.S. and European stocks pared losses while U.S. Treasuries trimmed gains after markets closed in ...
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The euro continues the decline after downbeat Spanish bond sale ahead of ECB rate decision
The European common currency continued the decline today against other majors, affected by the downbeat Spanish bond sale, which raised fears the instability in the debt market might continue, making the financing operations through issuing debt difficult for other highly indebted European nations.
The volatility and rising borrowing cost reflects fears and doubts in addition to fragile confidence, where European and international investors doubt the ability of Spain to pay back the funds borrowed. Therefore, they demand more return in order to bare the additional risks associated with holding Spanish debt.
The Spanish Treasury auctioned today 2.52 billion euros of bonds maturing after two and five years, slightly above the maximum target of 2.5 billion despite the increase in borrowing ...
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