At a Glance

European Quarterly Overview - Q3 2011

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The stresses increased within the eurozone over the last few months and these are accelerating rather tahn abating. This is evident in the polarisation between the government bond yields of the 'stressed countries' (primarily the southern European countries but also including Ireland) and the 'core' countries of Europe, but Italy and Spain are being drawn into the 'riskier' category with their GRY yields having rised to around 6% for 10-year benchmark bonds. The rating agencies have downgraded Ireland, Greece and Portugal to 'junk bond' status, while Italy was placed on credit watch, together with its main banks, by Moody's in June.

Source : AXA Real Estate

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Mots-clés : AXA Real Estate