An early boost for risky assets from an unexpectedly robust German business confidence survey was undermined by the nation’s leader reaffirming her opposition to euro area bonds as a crisis solution.
Global equities slipped to fresh seven-week lows in the wake of Angela Merkel’s comments after a meeting with her French and Italian counterparts in Strasbourg. Eurozone bond markets remained under heavy pressure with German debt continuing to sell off after the shock of Wednesday’s auction setback and Italian benchmark yields climbing back above the 7 per cent danger level.
The stresses were also indicated with the cost of insuring European governments against default rising to record levels on the Markit iTraxx SovX Western Europe index.
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