Rome

Italian bond spread jumps above 330 mark

Negative economic data hits confidence

Italian bond spread jumps above 330 mark

Rome, October 24 - The spread between 10-year Italian bonds and the German benchmark jumped above the 330-basis-points mark in early trading on Wednesday to reach 334 after opening at 326. Negative economic data regarding the manufacturing and services sectors in the eurozone and business confidence in Germany were seen as contributing to the rise. The spread is an indicator of Italy's borrowing costs and an important gauge of market confidence in the country's ability to service its large public debt. It had been on a downward trend after the European Central Bank announced plans to buy the bonds of countries at the centre of the eurozone crisis that are facing high borrowing costs.

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