These were the yields and basis point movements of some of the most watched 10 year bonds by the close in Europe:

Spain: 6.06% (+32bp)
Italy: 5.21% (+11bp)
France: 2.21% (-8bp)
Germany: 1.46% (-13bp)
UK: 1.69% (-13bp)
US: 1.64% (-3bp)

There are 100 basis points to a percentage point

Spanish bonds weakened, forcing the yield up dramatically as worries grew over how much support it might expect from its Eurozone peers in cleaning up its banking system.

The finance ministers of Germany, the Netherlands and Finland issued a joint statement, saying that national governments should remain responsible for the banking problems made before the creation of a new bank supervisor.

"The European Stability Mechanism can take direct responsibility for problems that occur under the new supervision, but legacy assets should be under the responsibility of national authorities," reads the statement by the three countries.

Meanwhile, the Spanish government is facing a severe test domestically as it prepares to submit a new austerity budget. Unions are demanding a referendum on the measures.

Spain is the focus of the debt markets because its fate is seen to be closely linked to the viability of the Euro currency.

BS

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