“Spain’s government bonds climbed for a third day as the nation sold 2.2 billion euros ($2.8 billion) of debt due in in five years or less, exceeding the maximum target for the auction.
Five-year Spanish yields headed for their biggest three-day drop since December and Italian securities advanced amid speculation euro-area leaders will deploy their bailout facilities to buy government bonds. German bunds were little changed as a report showed euro-area services and manufacturing contracted for a fifth month in June.”
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