By Simon Miller

Germany has failed to sell 10-year debt at an auction today as hopes of intervention in the eurozone rise.

It was the second time this year that an auction had failed and demand appears to have been hit by expectations of European Central Bank action and competing supply.

With an average yield came in at 1.42% while only €3.93bn (£3.11bn) was bid for out of the total €5bn. With €3.61bn accepted, €1.39bn was retained by the German governemnt to be sold at a later date.

A German finance agency spokesman said: "The figures once again show that the market environment is very volatile and is holding back on purchases given upcoming decisions."

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