Portuguese deficit, Irish stress tests weigh on CDS spreads

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An upwards revision in Portugal's deficit and the publication of Ireland's banking sector stress tests on Thursday saw a jump in the cost of credit default swap (CDS) protection on the two sovereigns.

Figures supplied by Markit, a financial information service, showed CDS spreads on Portugal climbed 22 basis points to 588.25bp by 15:37 in London. Lisbon on Thursday announced its revised 2010 budget deficit figure, which at 8.6% of gross domestic product, outstrips the 7.3% target and an earlier

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