Concerns over the sovereign debt crisis in the Eurozone remerged with Spanish and Italian bond yields soaring. Major European bourses plunged 2-3% while Wall Street also dropped with the DJIA and the S&P500 Indices losing -1.65% and -1.70% respectively. In the commodity sector, crude oil prices were also affected by contagion worries of Eurozone’s debt problems. Added to the concerns was the DOE/EIA’s downward revision on oil demand for 2012 and 2013. Gold, however, firmed amid increases in safe-haven demand.
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Confidence Damped as Debt Concerns in Eurozone Reemerge
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