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Europe's economy can't catch a break.
Europe can't seem to catch a break today.
Just take a look at all the latest headlines:
German industrial production data proved a major disappointment, falling 1.3 percent month-over-month, versus an expected 0.5 percent. Germany is a major exporter to the rest of Europe, and this is the latest sign that contractions in the periphery are starting to affect the European core.
Yields on Spanish bonds are at their highest levels since December, before the European Central Bank's first three-year long-term refinancing operation. Yields on the ten-year stand at 5.83 percent after rising more than 13 bps so far today. The spread between Spanish bonds and German bunds topped 400 bps for the first time since December.
French borrowing costs rose slightly in a bond auction this morning, with yields on the 10-year up to 2.98 percent from 2.91 percent in March. Those yields are up four bps in the secondary markets just under 3.00 percent.
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