Spanish bond yields surge past 7% on bad-loan data.

 Yields on Spain's 10-year bonds rose 24 basis points to an unsustainable 7.11% following data showing that non-performing loans held by the country's banks hit an 18-year high of 8.72% in April. Italian yields were +10.6 bps at 6.03% at midday in Europe, while a rally in EU shares and U.S. futures - inspired by the Greek election results.