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WireTap 1400 10/04/12

A round-up of the key stories across the specialist financial media, including news that efforts by Spanish prime minister Mariano Rajoy to calm investors with an additional €10 billion of budget cuts have had no positive impact

Spanish bonds fall despite Rajoy unveiling more budget cuts

Spain’s efforts to calm investors with an additional €10 billion of budget cuts in education and health failed to stem concerns that the nation might become the fourth eurozone member to need a bailout. 

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Worries about US economy send European shares lower

German government bond yields hit their lowest level since September on Tuesday and European shares fell sharply as investors returning from a long weekend switched from riskier to safer assets after surprisingly weak US jobs data.

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Global stocks extend losing streak

Global stocks extended their longest losing streak in four months as Europe’s markets had their first chance to react to Friday’s disappointing US jobs report.  

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China sends another warning to banks

In a fresh sign of official displeasure with the nation's state-run banking system, China's bank regulator has warned lenders they will be "severely punished" for charging excessive fees. 

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Sony projects bigger loss

Sony Corp projected a loss of $6.4 billion for the business year just ended, a stark reminder of the pressure the entertainment and electronics conglomerate is under, battered by a strong yen and stiff competition.

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