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European equity close: Middling start to the new quarter

Last quarter was rough for European stocks and there wasn’t exactly a rush to buy into the new quarter:

  • UK FTSE 100 -0.2%
  • Stoxx 600 -0.1%
  • German DAX +0.1%
  • French CAC +0.1%
  • Italy MIB +0.3%
  • Spain IBEX +0.8%

On the week:

  • UK FTSE 100 -0.7%
  • Stoxx 600 -1.45%
  • German DAX -2.3%
  • French CAC -2.3%
  • Italy MIB -3.5%
  • Spain IBEX -1.0%

There is some breathing room in some of these markets but the Italian MIB is up against it. If anyone tells you that stocks always win in the long term, shown them the MIB, which is at 1998 levels.

Italy MIB weekly chart

European equity close: French stocks post their best day in months

  • Stoxx 600 +2.6%
  • German DAX +1.7%
  • UK FTSE 100 +2.7%
  • French CAC +3.4% — best day in more than three months
  • Italy MIB +2.3%
  • Spain IBEX +1.8%Eiffel Tower

On the week:

  • Stoxx 600 +2.2%
  • German DAX -0.1%
  • UK FTSE 100 +2.6%
  • French CAC +3.2%
  • Italy MIB +2.6%
  • Spain IBEX +1.3%

Even with the best day in months, the weekly candle in the CAC still doesn’t cover last week’s decline.

Eurostoxx futures +0.6% in early European trading

  • German DAX futures +0.6%
  • UK FTSE futures +0.4%
  • Spanish IBEX futures +0.4%

That carries over the positive tone from yesterday, though it hardly chips into the fall from last week. For now, equities are keeping the calm but I reckon we might get more volatility once Wall Street enters the fray later today.

Elsewhere, US futures are keeping more positive with S&P 500 futures up 1.5%*, Nasdaq futures up 1.5%*, and Dow futures up 1.3%*.

Major European indices end the day mostly higher (sans UK FTSE100), but lower for the week

The major European indices are ending the day with modest gains/changes. The exception is the UK FTSE 100 which fell -0.41% the day. However for the week, all the indices are down sharply.The final numbers for the day are showing:
  • German DAX, +87.77 points or 0.67% at 13126.27
  • France’s CAC, -3.59 points or -0.06% at 582.66
  • UK’s FTSE 100 -28.73 points or -0.41% at 7016.26
  • Spain’s Ibex +67.8 points or 0.84% at 8145.91
  • Italy’s FTSE MIB up 0.43%

For the trading week:

  • German DAX, -4.7%
  • France’s CAC -4.8%
  • UK’s FTSE 100 -4.0%
  • Spain’s Ibex -3.0%
  • Italy’s FTSE MIB -3.2%

Looking at the German DAX, the price gap lower on Monday (last Friday the price closed at 13761.84), bottomed on Thursday at 13007.91, before modestly rising today. The move up from the June 6 high at 14709.382 the low reached yesterday took the price down -11.57% in a trading days.

German DAX
German DAX falls 11.57% over the last 9 days

Looking at other indices recent moves to the downside:

  • France’s CAC fell -10.96% from its June 6 high to the low today
  • UK FTSE 100 fell -8.48% from its June 6 high to the low today
  • Spain’s Ibex has moved down -10.75% from its May 30 high to the low today
  • Italy’s FTSE MIB has fallen -12.96% from its May 30 high to its Wednesday low this week

In comparison to the recent moves lower in the US stock indices:

  • NASDAQ index down -14.24% from its June 2 high
  • S&P index moved down -12.93% from its June 2 high
  • Dow Jones fell -10.81% from its June 2 high.
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