Major indices played catch up from the US Friday declines
On Friday, the major European indices were closed due to the May 1 Labor Day holiday. US stocks fell sharply on the day. Today was a “catch up” for the major European indices (at least part of it).
The provisional closes are showing:
- German Dax -3.6%
- France’s CAC -4.4%
- UKs FTSE 100, -0.2% (the UK markets were open on Friday)
- Spain’s Ibex -4.5%
- Italy’s FTSE MIB, -3.0%
In the European debt market, benchmark 10 year yields are ending the session mixed with most countries yields in the middle of the trading ranges. Italian 10 year yields were sharply higher with the yield moving to 1.869%, but staged a rally into the close and is ending the session lower at 1.751%.