Debt Contagion Spreads to Italy, Belgium. Global Markets Tumble

Financial markets remained under pressure with Wall Street tumbling and the dollar soaring to a 2.5-month high against the euro. Debt contagion accelerated further in the European periphery. In bond markets, US Treasuries and German bunds strengthened while Spanish and Italian yield spreads widened to record highs. In the commodity sector, oil prices plummeted as bourses weakened. Moreover, industry report showed that oil inventories rose last week.

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Debt Contagion Spreads to Italy, Belgium. Global Markets Tumble