Spain, Italy yields rise in wake of Moody's move

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Spain, Italy yields rise in wake of Moody's move
from MarketWatch.com - MarketPulse
FRANKFURT (MarketWatch) -- Spanish, Italian and peripheral euro-zone government bonds came under renewed pressure Friday morning, pushing up yields, as investors fled risky assets for safe havens, including German government bonds, or bunds. The move comes after ratings firm Moody's late Thursday cut ratings on 16 Spanish banks. Asian equities tumbled and European stocks began the day under pressure amid worries about Spain and Greece. The yield on the 10-year Spanish government bond rose 0.06 percentage point to 6.39%, while the yield on the 10-year Italian bond rose 0.07 percentage point to 6.05%, according to electronic trading platform Tradeweb. Yields rise as bond prices fall. The yield on 10-year German bunds continued to plumb record-low territory on safe-haven flows, falling temporarily below the 1.40% level. It remains down 0.03 percentage points at 1.40%, according to Tradeweb.