European shares and sharply higher on risk on flows

  
Analysis, Global Indices

German DAX, +1.76% is the biggest one-day gain since October 11

The European stock market was also invited to the “risk on” party today.  All the major indices are up sharply. The German DAX has enjoyed its biggest one-day gain since October 11.  Party on.

The provisional closes are showing:
  • German DAX, +1.76%
  • France’s CAC, +1.68%
  • UK’s FTSE 100, +1.53%.  That is the biggest one-day in 7 weeks
  • Spain’s Ibex, +1.64%
  • Italy’s FTSE MIB, +1.64%
In the European debt market, the 10 year benchmark yields are also mostly higher (the exception is in Italy) as risk fears abate.
German DAX, +1.76% is the biggest one-day gain since October 11In other markets, risk on flows are pervasive:
  • spot gold is now down $24.28 or -1.54% at $1552.43
  • WTI crude oil futures are higher by $0.50 or 1.0% at $50.61, but they are still off the sessions high $51.55. The low today at $49.66 was the lowest level since January 2018.
In the US stock market, the NASDAQ index is up nearly 2% on the day (amazing). The snapshot currently shows:
  • S&P index up 55.34 points or 1.7% at 3304.27
  • NASDAQ index is up 184.55 points or 1.99% at 9458
  • DOw is up 490 points or 1.73% at 28890.34
In the US debt market yields are also higher with the 5 year up 7.5 basis points and the 10 year up 7.2 basis points:
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