[BENGALURU] European stock markets crept higher on Wednesday as defensive shares gained ground, but rising tensions between Italy and the European Commission over the country's debt dampened sentiment.
The European Commission said Italy was in breach of EU fiscal rules due to its growing debt and this justified a disciplinary procedure, a position that firmly capped regional risk appetite. Redburn Financials analyst Russell Quelch said the announcement of the commission's upcoming procedure"didn't come as a shock" but is sure to widen yield spreads between Italian and German bonds,"which matters for banks given their large sovereign bond portfolios."
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