CDS spreads tighten marginally across the eurozone

The cost of insuring eurozone sovereign debt has tightened in early morning trading following yesterday's blowout.

Data provided by CMA Datavision shows the cost of five-year credit default swap (CDS) protection on Greek sovereign debt fell to 694.3 basis points at 11:00 BST, from yesterday's close of 704.7bps. This is significantly down on where it stood in yesterday's early morning trading at 745.7bps.

CDS spreads on sovereign debt also fell across Portugal, Spain, Ireland and Italy, the count