Euro Credit Default Swap Costs Climb as Middle East Tensions Flare Up
Dow Jones
Sep 09
0923 GMT - The cost of insuring euro-denominated credit against default rises due to reduced risk appetite as U.S.-Iran hostilities intensify. The U.S. destroyed Iranian oil tankers on Tuesday in response to Iran's attempts to strike U.S. warships. Renewed tensions caused oil prices to climb above $100 per barrel and lowered appetite for risk. The iTraxx Europe Crossover index of euro high-yield credit default swaps rises 2 basis points to 253bps, a three-week high, S&P Global Market Intelligence data show.
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