European markets soar as Germany lifts ‘debt brake’ to raise defence spending
Berlin’s ‘big bazooka’ move sends industrial stocks surging but fiscal sea change also hikes borrowing costs
European financial markets have rallied sharply and German borrowing costs have soared after the country’s prospective leaders announced a historic deal to loosen its “debt brake” rule to boost spending on defence.
The yield – in effect the interest rate – on 30-year German government bonds rose by 16 basis points, after having earlier jumped by as much as 25 basis points to 3.07% in its biggest increase since October 1998. Continue reading...
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