Successful debt auctions in France and Spain brought some respite to European bond markets. Spain paid 5.19 to 5.54 per cent to sell bonds maturing in four to six years.
Two weeks ago yields hit 6.975 per cent on its 10-year debt. France saw strong demand for €4.4bn (£3.8bn) of long-term bonds. The yield on its 10-year bonds fell to 3.18 per cent.