European shares erase earlier gains. Close mostly lower

  
Analysis, Global Indices

The major European indices erased solid gains and are closing mostly lower on the day. At the highs, the

  • German DAX was up 1.42%
  • France’s CAC was up 1.73%
  • UK’s FTSE 100 was up 0.74%
  • Spain’s Ibex was up 1.34%
  • Italy’s FTSE MIB was up 1.31%

The provisional closes are now showing:

  • German DAX, -0.5%
  • France’s CAC, -0.1%
  • UK’s FTSE 100, unchanged
  • Spain’s Ibex, -0.7%
  • Italy’s FTSE MIB -0.3%

As European traders exit for the exit, the NZD remains the strongest of the major currencies but has given up some of their gains. The RBNZ the hiked rates by 25 basis points but it was a close call between 25 and 50 basis points.

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