European indices closed sharply lower with the declines of -1% – -2% on the day. Looking at the closing levels:German DAX, -2.07% France CAC, -1.6% UK's FTSE 100 -1.71%Spain's Ibex -1.05%Italy FTSE MIB -1.87%For the trading week major indices, the declines today contributed to dipping into negative territory for the week German Dax -1.59%France CAC -1.97%UK's FTSE 100 -0.37%Spain's Ibex -1.49%Italy's FTSE MIB -0.35%Helping contribute to the declines were higher rates. Yields across Europe surged this week. Germany +17.4 basis points to 3.170%, its highest level going back to May 2011France +35.7 basis points to 3.969% its highest level going back to May 2009UK +26.2 basis points to 5.182%,its highest level going back to June 2008Spain +19.2 basis points. Italy +22.6 basis points. This article was written by Greg Michalowski at investinglive.com.