Market Updates
European Bond Yields Rise After Italy Plunges In Political Turmoil
Bridgette Randall
15 Jul, 2022
Frankfurt
European markets advanced and bond yields were in focus after Italy's prime minister resigned.
Prime Minister Mario Draghi offered his resignation after the coalition partner 5-Star Movement refused to back the government in a no confidence vote on a disagreement with a plan in combating rising consumer prices.
President Sergio Mattarella rejected Draghi's resignation and asked him to address the parliament next week.
Bond market was on alert after Draghi's resignation, and yield on 10-year Italian bonds rose to 3.134%, a one month high and spread with the German bond of similar maturity widened to 2.2% for the second day in a row.
Bond yields in the region edged slightly lower today but remained elevated on the Italian and British uncertainties.
The yield on the 10-year bond of Germany traded at 1.16%, France at 1.77% and the U.K. at 2.098%.
Conservative Party in the U.K. narrowed the list to 6 from 12 contenders to lead the party after parliamentary members of the party revolted against Prime Minister Boris Johnson forcing his unscheduled departure last week.
The DAX index gained 1.76% to 12,754.25, the CAC-40 index increased 0.76% to 5,962.87, and the FTSE 100 index added 1.2% to 7,123.81.
The euro flirted near the U.S. dollar parity and closed at $1.002.
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