European sovereign default risk rose to a record after a reportshowed 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- defaultswaps insuring the debt of 15 governments rose 11 basis points to310 at 1:40 p.m. in London, surpassing an all-time high closingprice of 308 on Aug. 26. Swaps tied to Italian debt jumped 12 basispoints to 397, topping last month's record closing price of 391,according to CMA.

Payrolls were unchanged last month, the weakest reading sinceSeptember 2010, after an 85,000 gain in July that was less thaninitially estimated, Labor Department data showed today inWashington. The median forecast in a Bloomberg News survey calledfor a rise of 65,000.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.