By and  on December 28, 2011

After earlier gains, Europe’s major indices all closed down when they ended Wednesday’s trading sessions. The FTSE 100 in London dipped 0.1 percent to 5,507.40, while the CAC 40 in Paris was down 1 percent to 3,071.08. The DAX in Frankfurt fell 2 percent to 5,771.27, and the FTSE MIB in Milan slipped 0.9 percent to 14,796.55.

Although a successful auction of Italy’s debt earlier on Wednesday initially boosted Europe’s markets, the effect petered out by the end of the day. The Italian government auctioned 9 billion euros’ worth of six-month bills at a yield of 3.25 percent, half the borrowing costs the country had paid on its debt in November. But investors were still said to be concerned over the performance of Italy’s longer-term debt, which is set to be auctioned today. Meanwhile, the borrowing costs on Italy’s 10-year bonds were still high at 7 percent, which is viewed as an unsustainable level for the country.

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