Yields Continue to Climb for Spain and Now Germany After Moody’s Downgrade

“Germany’s bunds sank, pushing up yields from near all-time lows, after Moody’s Investors Service cut the outlook on the nation’s top rating citing concern it will have to support weaker euro-region members.

Spain’s five- and 10-year bond yields climbed to euro-era records as the nation’s borrowing costs rose at an auction of 3.05 billion euros ($3.69 billion) of bills. Italy’s 10-year bonds fell for a third day after a report showed services and manufacturing in the euro region shrank in July. Government debt from the Netherlands fell as its outlook was also lowered by Moody’s, along with Luxembourg.”

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