Bailout chaos fails to cheer markets

first_img Tags: NULL Show Comments ▼ KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Tuesday 23 November 2010 9:01 pmcenter_img whatsapp Share MARKETS continued to tumble and peripheral Eurozone gilt yields jumped yesterday as Ireland’s political turmoil added to the uncertainty surrounding its bailout. The Eurostoxx 50 saw 1.5 per cent wiped off its value, sliding to 2,745 while the Irish ISEQ 20 index lost two per cent to close at 432.In a sign of contagion fears, the FTSE 100 and Portuguese PSI 20 also dropped, with the PSI losing 1.3 per cent to close at 7,623 and the FTSE losing 0.9 per cent to close at 5,600.The cost of borrowing for Eurozone economies continued to climb. Irish 10-year gilts saw their yield jump up to 8.4 per cent – close to the nine per cent mark that prompted an escalation in market fears last week.Portuguese 10-year gilt yields rose over 6.9 per cent and Spanish 10-year note yields topped 4.9 per cent. The cost of insuring Irish debt also rose again yesterday, with five-year credit default swaps (CDS) on Irish gilts rising 26 basis points to 555bps (a cost of €555,000 to insure €10m of debt). Five-year CDS on Portuguese debt also jumped, by 28bps to 486bps.And the euro’s movements confirmed the run of bad news for Europe. The single currency dropped from 85.3p to 84p against sterling yesterday and from $1.36 to $1.34 versus the dollar.The continued slide in stocks reflects fears both that Ireland will not be able to pass the necessary austerity measures and that the bailout won’t solve the country’s underlying insolvency problems. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Bailout chaos fails to cheer markets last_img read more