Portuguese bond yields reverse rise in renewed periphery bid
LONDON, July 15
LONDON, July 15 (Reuters) - Portuguese government bond yields reversed an earlier rise on Tuesday after upbeat earnings from the United States renewed investor appetite for riskier assets.
Second-quarter earnings from JPMorgan and Goldman Sachs beat expectations.
Portuguese 10-year yields were last 2 basis points lower on the day at 3.81 percent. They rose as high as 3.95 percent earlier on the back of concerns over the exposure of Banco Espirito Santo, the country's largest listed bank, to the troubled companies of its founding family.
The bank's new chief executive said BES was sufficiently capitalised.
Spanish and Italian yields also fell.
"Earnings in the U.S. pushed people out of Germany and into the periphery," one trader said. (Reporting by Marius Zaharia, editing by Nigel Stephenson)
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