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| Eurozone crisis live: Bombs in Athens over Easter break | Eurozone crisis live: Bombs in Athens over Easter break |
| (40 minutes later) | |
| 10.10am: Markets dropped across Europe this morning as traders reacted to bad jobs data out of the US on Friday. | |
| FTSE 100: down 0.9%, or 49 points, at 5675 German DAX: down 0.8% at 6721 French CAC: down 1.1% at 3284 Spanish IBEX: down 0.9% at 7592 Italy's FTSE MIB: down 2.1% at 14892 | |
| The US data showed jobs growth in the world's largest economy slowed to 120,000 in March, well below expectations and the smallest increase since October. | |
| 9.44am: Just to clarify, the bomb in Athens mentioned below caused some damages to the building but no injuries. AFP reports: | |
| A home-made firebomb exploded in the early hours of Monday in Athens in front of a building housing offices of Greece's administrative reform ministry, police said. The explosion at 1:52am (local time) in front of the ministry annex started a fire that seriously damaged the building's ground floor and a car parked nearby. | |
| The minister for administrative reform, Dimitris Reppas, recently announced a series of measures to slash the number of government workers. | |
| Last week, another bomb exploded outside the office of former Greek prime minister Costas Simitis, who led the country's efforts to adopt the euro in 2002. A policeman said at the time: "It caused just small material damage, nobody was hurt or in danger." | |
| 9.38am: Eurozone investor sentiment dropped this month, after three consecutive increases. Sentix research group said its index, which tracks sentiment in the region, dropped to -14.7 compared with expectations for a reading of -9. The index came in at -8.2 in March. | |
| 9.26am: The governor of Spain's central bank is also talking this morning. Miguel Angel Fernandez Ordonez said a strong recovery of the Spanish economy is unlikely in the short term. And, if the economy continues to deteriorate, he said more capital would be needed for the banks. | 9.26am: The governor of Spain's central bank is also talking this morning. Miguel Angel Fernandez Ordonez said a strong recovery of the Spanish economy is unlikely in the short term. And, if the economy continues to deteriorate, he said more capital would be needed for the banks. |
| The cost of insuring against a Spanish default is getting close to its record high. Spanish credit default swaps rose 16 basis points to 4.78% this morning, compared to a high of 4.87% in November last year. | The cost of insuring against a Spanish default is getting close to its record high. Spanish credit default swaps rose 16 basis points to 4.78% this morning, compared to a high of 4.87% in November last year. |
| 9.23am: The Spanish minister for the economy has also said Spain may sell off public real estate. | 9.23am: The Spanish minister for the economy has also said Spain may sell off public real estate. |
| Luis De Guindos has given a string of interviews over the past week, where he has stressed the country's commitment to reform. Spain is under pressure from Europe to rein in spending, as fears mount that the region's fourth biggest economy may need a bail-out. | Luis De Guindos has given a string of interviews over the past week, where he has stressed the country's commitment to reform. Spain is under pressure from Europe to rein in spending, as fears mount that the region's fourth biggest economy may need a bail-out. |
| De Guindos caused a ruckus yesterday when he said that Spain is considering charging the rich for the public health service, which is currently €15bn in debt. | De Guindos caused a ruckus yesterday when he said that Spain is considering charging the rich for the public health service, which is currently €15bn in debt. |
| We need to open the debate in the central government and among the regions on whether the health service should be free for someone earning €100,000. | We need to open the debate in the central government and among the regions on whether the health service should be free for someone earning €100,000. |
He added that Spain's government isn't planning to increase the country's relatively low valued-added tax this year, noting that a VAT hike in 2010 was not effective. | He added that Spain's government isn't planning to increase the country's relatively low valued-added tax this year, noting that a VAT hike in 2010 was not effective. |
| 8.47am: Here we go again... the Spanish minister for the economy, Luis de Guindos, has said he will not rule a bail-out for Spain, according to Bloomberg's economics editor. | 8.47am: Here we go again... the Spanish minister for the economy, Luis de Guindos, has said he will not rule a bail-out for Spain, according to Bloomberg's economics editor. |
| De Guindos declines to rule out bail out for Spain | De Guindos declines to rule out bail out for Spain |
| — Linda Yueh (@lindayueh) April 10, 2012 | — Linda Yueh (@lindayueh) April 10, 2012 |
| 7.53am: Spain's government yesterday announced plans for more cuts. Christian Schulz at Berenberg notes: | 7.53am: Spain's government yesterday announced plans for more cuts. Christian Schulz at Berenberg notes: |
| Together with the regions, the central government wants to make €10bn of savings per year in education and health. The cuts would come on top of the €27bn deficit reduction plan announced in March. If the government can agree with the regions on these additional cuts, they may partly fill the €15bn gap the regions need to close to fulfil their deficit target of 1.5% in 2012. | Together with the regions, the central government wants to make €10bn of savings per year in education and health. The cuts would come on top of the €27bn deficit reduction plan announced in March. If the government can agree with the regions on these additional cuts, they may partly fill the €15bn gap the regions need to close to fulfil their deficit target of 1.5% in 2012. |
| The strong fiscal tightening this year to cut the deficit from 8.5% to 5.3% may stoke fears of a deeper recession and potentially a Greek-style downward spiral in Spain. | The strong fiscal tightening this year to cut the deficit from 8.5% to 5.3% may stoke fears of a deeper recession and potentially a Greek-style downward spiral in Spain. |
| Spanish sovereign debt fell in value again this morning, pushing up the yield (the measure of the interest rate) on its 10-year bonds to 5.8% this morning. The difference between the yield on Spanish and German debt is at its greatest since November, with a spread of 4.1%. | Spanish sovereign debt fell in value again this morning, pushing up the yield (the measure of the interest rate) on its 10-year bonds to 5.8% this morning. The difference between the yield on Spanish and German debt is at its greatest since November, with a spread of 4.1%. |
| Yields on Italian and Greek sovereign debt also rose to 5.51% and 22.1% respectively. | Yields on Italian and Greek sovereign debt also rose to 5.51% and 22.1% respectively. |
| 7.50am: Germany exports grew for the second month in a row in February. Exports rose by 1.6% and imports by 3.9%, meaning the trade surplus narrowed to €13.6bn. | 7.50am: Germany exports grew for the second month in a row in February. Exports rose by 1.6% and imports by 3.9%, meaning the trade surplus narrowed to €13.6bn. |
| 7.45am: The Bank of France said this morning that the French economy remained stable in the first quarter with no growth, suggesting the second largest economy in the eurozone has avoided a recession. | 7.45am: The Bank of France said this morning that the French economy remained stable in the first quarter with no growth, suggesting the second largest economy in the eurozone has avoided a recession. |
| 7.42am: There's not a great deal of economic data out today. Here's the agenda so far. | 7.42am: There's not a great deal of economic data out today. Here's the agenda so far. |
| • Swiss unemployment rate for March: 6.45am BST • German trade balance for February: 7.00am BST • Bank of France report for March: 7.30am BST • Eurozone Sentix investor confidence for April: 9.30am BST • UK house prices for February, DCLG data: 9.30am BST | • Swiss unemployment rate for March: 6.45am BST • German trade balance for February: 7.00am BST • Bank of France report for March: 7.30am BST • Eurozone Sentix investor confidence for April: 9.30am BST • UK house prices for February, DCLG data: 9.30am BST |
| In the bond markets, Austria will be selling €1.3bn of five and 10-year bonds, the Netherlands will be selling up to €3.5bn euros of five year bonds, and France will be selling treasury bills. This afternoon the US will be selling four-week and three-year bonds. | In the bond markets, Austria will be selling €1.3bn of five and 10-year bonds, the Netherlands will be selling up to €3.5bn euros of five year bonds, and France will be selling treasury bills. This afternoon the US will be selling four-week and three-year bonds. |
| 7.30am: Good morning and welcome to our rolling coverage of the eurozone financial crisis. | 7.30am: Good morning and welcome to our rolling coverage of the eurozone financial crisis. |
| Protests continue in Athens, with Greeks using home-made firebombs to target government buildings. One exploded outside the Administrative Reform Ministry early yesterday, and another near the former Greek prime minister's office last week. | |
| This morning, the Bank of Japan left rates on hold at between 0 and 0.1%; and China posted a surprise trade surplus of $5.35bn (£3.4bn) in March, although imports were much weaker than expected. | This morning, the Bank of Japan left rates on hold at between 0 and 0.1%; and China posted a surprise trade surplus of $5.35bn (£3.4bn) in March, although imports were much weaker than expected. |
| We've got figures out on Swiss unemployment in March, the German trade balance for February, and there's a survey of investor confidence in the eurozone out later. | We've got figures out on Swiss unemployment in March, the German trade balance for February, and there's a survey of investor confidence in the eurozone out later. |