Given the task definition and input, reply with output. In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.

* Italian, Spanish yields rise to 14-year highs 
  
 * Global growth worries fuel risk aversion 
  
 * German bond yields fall to lowest in nearly 9 months 
  
 By Ana Nicolaci da Costa and William James 
  
 LONDON, Aug 2 (Reuters) - Italian bond yields soared to a 14-year high on Tuesday as worries over the outlook for global economic growth prompted crisis-weary investors to take refuge in safe-haven assets. 
  
 More weak U.S. data, on the heels of sub-par manufacturing numbers in Europe on Monday, saw investors sell riskier assets, including stocks and peripheral euro zone debt. 
  
 Bonds issued by Spain and especially Italy -- the latest focus of market anxiety thanks to its large debts -- were under particular pressure less than two weeks after a deal aimed at ring-fencing contagion but which left many questions unanswered. 
  
 Budget cuts currently being voted on in Washington could hamper the global economy's recovery further -- an additional stumbling block to an already fragile euro zone rebound. 
  
 "The fear of the market is that the world is going into recession again...and in the euro zone the peripheral markets are the ones that will suffer most," said Alessandro Giansanti, strategist at ING in Amsterdam. 
  
 A hit to global growth would hurt the euro zone's weaker economies hard, hampering their efforts to grow out from under increasingly unsustainable debt burdens and leaving little chance of a reversal in fortunes, analysts said. 
  
 It could also put more upward pressure on peripheral yields making it increasingly costly for those countries to raise funds in commercial markets. 
  
 Yields on 10-year Italian and Spanish debt rose sharply on Tuesday, surpassing recent peaks to reach their highest since 1997, while the risk premium over German debt on both countries' bonds hit the highest since the launch of the euro. 
  
 Five-year Italian yields rose to hit parity with their Spanish equivalent in a sign that the once-resilient confidence in Italian finances had been seriously eroded. . 
  
 Analysts expected those borrowing costs to keep rising, potentially providing for a tricky backdrop to a sale of Spanish debt later this week. 
  
 "In the near term, I am struggling to see any signs that the EU or the Italian and Spanish politicians are ready to offer something up to calm the markets and so by no means would I be assuming that we have seen the highs for BTP and Spanish yields already," said John Davies, fixed income strategist at WestLB. 
  
 "I think there is certainly room for further upside." ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
  
 Euro zone crisis in graphics r.reuters.com/hyb65p 
  
 Graphic comparing Italy with other high-debt euro zone 
  
 countries link.reuters.com/zem66q ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
  
 Risk-averse investors piled into German debt, pushing yields on 10-year Bunds to their lowest levels in nearly nine months and wiping out the premium those bonds offer over inflation for the first time in at least half a century. . 
  
 "In this environment, Bunds are a buy on dips. Don't look at the yields, just go for the quality," a trader said. 
  
 The rise in Bunds came in tandem with U.S. Treasuries which rose for a fourth straight day also on a troubled outlook for the global economy, even as concerns over a potential downgrade to the United States' triple-A rating remained. 
  
 The U.S. Congress was poised on Tuesday to grant final approval to a deficit-cutting package that will avert a U.S. debt default, but some fear the deal may not be enough to avoid a downgrade -- with far-reaching consequences for financial markets. . (Graphic by Scott Barber) ||||| Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com 
  
 Worries about the global economy rippled through financial markets on Tuesday, driving down share prices from Tokyo to New York and placing new strains on Spanish and Italian bonds. 
  
 Concerns that have been building for days erupted into a selloff that began in Asia, gathered steam in Europe and culminated in a sharp, late-day drop in New York. As the dust settled from the acrimonious debate in Washington over the debt ceiling, investors turned their attention to mounting evidence that the global economy is weakening. Data in recent weeks has shown that the economic "soft-patch" seen around the world in ... |||||

With the US debt ceiling crisis finally sort of resolved, the markets are turning their attentions to Europe, and they don't like what they see, reports Reuters. Italy is being hit especially hard, with the yield gap between Italian and relatively stable German 10-year bonds reaching 3.7 percentage points, the highest in 14 years. Spain's 10-year bond yields are 3.8 percentage points higher than Germany's, and the Wall Street Journal notes that if the higher rates of Italy and Spain persist, they could cause "serious disruption." "The whole point ... in July was to put an end to the rot," said a London-based analyst, referring to Greece's $155 billion bailout of less than two weeks ago. "And they didn't." With markets increasingly buffeting Italy, PM Silvio Berlusconi will take to television this afternoon to announce plans to boost growth and rein in Italy's debt, the second-highest in the Eurozone. Although Spain also suffers serious economic problems, Italy's are worsened by political crisis, notes Bloomberg, as Berlusconi and his allies face continuing charges of corruption.