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- Jo Tomkins, a strategist at 4Cast consultancy
Yields on Spanish government bonds rose to record highs on Monday as election victory by the conservative People's Party failed to calm the markets and after the European Central Bank said it will not purchase bonds in unlimited quantities.
"Borrowing costs are at eye-popping levels," said Jo Tomkins a strategist at consultancy 4Cast.
"The lack of relief on the back of Sunday's election speaks volumes despite what was a very solid majority win for PM-elect Mariano Rajoy. No doubt about it he will have his work cut out, but a bold if not brazen message could be what is needed to shore up confidence in Spain," she added.