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Euro drops after French bond auction

The euro has dropped to its lowest rate against the dollar in 16 months after France sold 8bn euros ($10.3bn, £6.6bn) of bonds at an auction.

(BBC NEWS) London - The euro fell to $1.2831 against the dollar and was at an 11-year low versus the yen.

France paid an interest rate of 3.29% to borrow for 10 years, up from 3.18% at the last sale in December.

Many investors fear that France is poised to lose its top credit rating, making it more expensive to borrow.

Markets were also unsettled after Luis de Guindos, Spain's economy minister, told the Financial Times that its banks may face up to 50bn euros in new bad loans - higher than previous public estimates by the government.

Later on Thursday, Spain will unveil more austerity measures.

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600 Miles To Moscow? Attack? Defend? What Ukraine’s Drone Strikes In Russia Really Mean

A Ukrainian soldier from the 63 brigade was seen flying a drone as part of military training simulating an attack

Anna Akage

As they’ve done for the past year, Ukrainians have spent the past three days studying maps and calculating distances. But there's a difference now: The maps are of Russia.

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The unprecedented drone attacks this week of airfields deep inside Russian territory open a new phase in the war that is both tactical and symbolic. Though still without official confirmation from Kyiv, nobody doubts that the Ukrainian military executed the three strikes between Monday and Tuesday hundreds of kilometers inside Russia, which killed three and injured at least nine, including the strategic military air base of Engels.

Alexander Kovalenko, a Ukrainian military and political observer of the Information Resistance group, writes on his Telegram channel: "International war observers have seen that regardless of what struck the Russian airfields, it bypassed the lauded Russian air defense system and accomplished the task," he said. "They see not only that the supposed No. 2 military in the world not only drags old T-62 tanks and D-1 howitzers into the combat zone in Ukraine, but that it essentially has no air defense."

French weekly magazine L’Express declared: “Ukraine wants to show that Russian territory is not safe.”

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