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European indices close higher for the third consecutive day

The major European indices are closing higher for the third consecutive day. The Spain’s Ibex may be the exception as it waffles up and down above and below unchanged.

The provisional closes are showing:

  • German DAX, +0.7%
  • France’s CAC, +0.9%
  • UK’s FTSE 100 +0.2%
  • Spain’s Ibex unchanged
  • Italy’s FTSE MIB, +0.7%

Looking around other markets as London/European traders look to exit:

  • Spot gold is up $10.30 or 0.56% $1824.30
  • Spot silver is up six cents or 0.3% $23.10
  • WTI crude oil is up $1.21 at $78.20
  • The price of bitcoin is trading fairly steady at $46,400

The US stock market continues to see rotation out of the tech sector and into the cyclical sector.

  • Dow industrial average is up 79.2 points or 0.21% at 36877.23. The Dow has closed at a record level for each of the first two sessions of the calendar year.
  • S&P index is down 10 points or -0.22% at 4783.13
  • NASDAQ index is down -148 points or -0.95% 15473.42. That is near the low for the day at 15471.53
  • Russell 2000 is down 8.5 points or -0.37% at 2260.28

In the US debt market, the yield curve is flatter today with the two year up while the 30 year is down marginally.

US yields
US yield curve

France leads the way in blistering year for European stocks

The ongoing rebound from the corona-lows was an impressive one in Europe as markets close for the year. There were slight declines today but the overall returns were impressive.

  • French CAC 40 +29%
  • UK FTSE 100 +14%
  • Spain IBEX +8%
  • Stoxx 600 +22.5%

That will be tough to top in 2022 but the gains in France speak to the market’s ability to look past 200,000 daily covid cases and the CAC monthly chart looks good.CAC monthly

European indices close with solid gains Gains of over 1% for most of the major indices.

Spot gold is trading back above its 100 and 200D MAs

US stocks are showing some weakness especially in the NASDAQ index. The Dow industrial average however is seeing a flow into the relative safety of those cyclical stocks.

  • Dow industrial average up 154 points or 0.43% at 36083
  • S&P index down 5.37 points or -0.12% at 4704
  • NASDAQ index down -212 points or -1.36% at 15353
  • Russell 2000 is trading down -2.9 points or -0.13% at 2192.23

European indices end week with a 3 day losing streak after rising strongly Monday/Tuesday

The major European indices are ending the week with a three day losing streak after rising strongly on Monday/Tuesday. Despite the declines, the indices are closing with gains for the trading week.

The provisional closes are showing:

  • German DAX, -0.1%
  • France’s CAC, -0.3%
  • UK’s FTSE 100, -0.35%
  • Spain’s Ibex -0.6%
  • Italy’s FTSE MIB, -0.4%

For the trading week, the major indices are trading with solid gains for the week:

  • German DAX + 3.0%
  • France’s CAC +3.2%
  • UK’s FTSE 100 +2.4%
  • Spain’s Ibex +1.4%
  • Italy’s FTSE MIB +3.0%

In other markets as European/London traders look to exit:

  • Spot gold is trading up $11.80 or 0.67% at $1785.50
  • Spot silver is up $0.20 or 0.92% $22.13
  • WTI crude oil futures are trading up $0.16 at $71.10
  • Bitcoin is trading at $47,641, and remains comfortably below the $50,000 level
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