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Markets Are Up In Europe After A Crucial Italian Bond Auction Goes Smoothly

Sam RoFeb 27, 2013, 16:19 IST

pedro_qtc / FlickrMarkets are up early in the European trading session.

England's FTSE 100 is up 0.1 percent.

France's CAC 40 is up 0.4 percent.

Germany's DAX is up 0.1 percent.

Spain's IBEX is up 0.3 percent.

Italy's FTSE MIB is up 0.4 percent.

Earlier this morning, Italy sold 4.0 billion euros worth of 10-year bonds at a yield of 4.83 percent. The borrowing cost is up from 4.17 percent at a similar auction last month.

Despite the higher borrowing cost, markets seem to be relieve that the auction went as smoothly as it did, especially given the ongoing political turmoil in Italy. There was some concern that the yield could go as high as 5 percent.

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