Stocks smacked down on Spanish fears; DAX off 0.45%
Forexpros – European stocks closed sharply lower Tuesday, as investors continued to monitor Spanish borrowing costs amid concerns the euro zone’s fourth largest economy will soon need a full-scale sovereign debt bailout.
Weak manufacturing data out of the euro zone also weighed on equities.
At the close of European trade, the EURO STOXX 50 plunged 1.27%, France’s CAC 40 declined 0.87%, while Germany’s DAX 30 sank 0.45%.
Depressing stocks Spain successfully auctioned EUR3.02 billion of three and six-month government bonds but at higher yields than in the last auction.
Meanwhile, the yield on Spanish 10-year bonds rose to a euro-era high of 7.59%, well above the 7% threshold considered unsustainable if a country is to remain solvent.
Markets also remained nervous after ratings agency Moody’s revised its outlooks on the sovereign ratings of Germany, the Netherlands and Luxembourg to negative from stable after the U.S. market close Monday. Moody’s rates all three at AAA.
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