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Sovereign Bond Risk Climbs in Europe

Hits record as U.S. jobs report seen as sign economy is weakening.

By Abigail Moses | Updated on September 02, 2011

European sovereign default risk rose to a record after a report showed employment in the U.S. unexpectedly stagnated in August, adding to signs the global economic recovery is weakening.

The Markit iTraxx SovX Western Europe Index of credit- default swaps insuring the debt of 15 governments rose 11 basis points to 310 at 1:40 p.m. in London, surpassing an all-time high closing price of 308 on Aug. 26. Swaps tied to Italian debt jumped 12 basis points to 397, topping last month’s record closing price of 391, according to CMA.

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