European shares see solid gains in trading today

German DAX, +0.8%

The major European stock indices have seen solid gains in trading today.  The provisional closes are showing:

  • German DAX, +0.9%
  • France’s CAC, +1.2%
  • UK FTSE 100, +0.6%
  • Spain’s Ibex, +1.3%
  • Italy’s FTSE MIB, +1.2%
In the European debt market, the yields on moved lower with the UK yield down -3.8% after the Bank of England decision.
German DAX, +0.8%_
In other markets as London/European traders look toward the exit shows
  • Gold has given up its gains and trades up only $0.53 or 0.03% at $1779.20. At the start of the New York session, the price was up $7.80 at $1786.35.
  • Spot silver is up $0.17 or 0.69% at $26.07. That is the same level as the start of the North American session
  • WTI crude oil futures are up $0.14 or 0.19% at $73.22. The low price reached $72.32. The high extended to $73.61
  • Bitcoin is trading up $1348 or 4.07% at $34,414. At the start of the New York session it was trading at $34,124.70
A look at the US stock market as both the NASDAQ index and the S&P index both looking to close at record highs
  • S&P index up 23 points or 0.54% at 4264.90
  • NASDAQ index up 120.51 points or 0.4% at 14392.20
  • Dow industrial average up 240 points or 0.71% at 34114.68

Major European indices end the session mostly lower

UK’s FTSE 100 flat

The major indices are ending the session mostly lower. The provisional closes are showing:

  • German DAX -0.9%
  • France’s CAC, -0.8%
  • UK’s FTSE 100, unchanged
  • Spain’s Ibex, -0.8%
  • Italy’s FTSE MIB, -0.7%
In the European debt market, the benchmark 10 year yields are mostly lower with the exception being the UK 10 year up 0.4 basis points. The yields are off their lowest levels of the day however.
UK's FTSE 100 flat_
Looking at other markets as London/European traders look to exit:
  • Spot gold is up $8.50 or 0.48% $1787.30.
  • Spot silver is up $0.38 or 1.49% at $26.16
  • WTI crude oil futures are up $0.73 or 1.0% at $73.58. The high price extended to a new cycle high of $74.25 before rotating back to the downside. Crude oil inventory data showed a bigger than expected drawdown of 7.6 million barrels versus -3.5 million barrels estimate. Last week there was a drawdown of 7.3 million barrels as the economy reopens and people hit the road.
  • The price of bitcoin is up $744 or 2.26% at $33,651. That is off the intraday high of $34,881.
In the US stock market, the markets are mixed:
  • The NASDAQ index made a new all-time high today of 14317.66. The currently trades at 14281.13, up 28 points or 0.20%
  • S&P index reached a high of 4256.60. That was just below the all-time high of 4257.11. It currently trades at 4248.69, up 2.28 points or 0.05%
  • Dow industrial average is down around 20 points or -0.06% at 33925.30.

European indices are closing the session mixed

Italy’s FTSE MIB lower. Spain’s ibex unchanged

The major European indices are closing the session mixed. The Italy’s FTSE MIB is lower. Spain’s Ibex is unchanged.  Germany, France, UK are higher.

The provisional closes are showing:
  • German DAX, +0.3%
  • France’s CAC, +0.3%
  • UK’s FTSE 100, +0.5%
  • Italy’s FTSE MIB, -0.2%
  • Spain’s Ibex, unchanged
In the European debt market, the benchmark 10 year yields are all higher with Italy’s yields up the most at 2.4 basis points.
Italy's FTSE MIB lower. Spain's ibex unchanged_

European indices post gains to start the week

German DAX +1.0%

The major European indices posted gains to start the trading week. The provisional closes are showing:

  • German DAX, +1.0%
  • France’s CAC, +0.5%
  • UK’s FTSE 100, +0.6%
  • Spain’s Ibex, +0.15%
  • Italy’s FTSE MIB, +0.6%
In the European debt market, the benchmark 10 year yields ended mostly higher with Germany 10 year yield up 2.8 basis points. Spain’s yield were near unchanged.
German DAX +1.0%_
In the forex market as London/European traders look to exit, the GBP is the strongest, while the JPY is the weakest.  The USD is weaker after Bullard/Kaplan perhaps were little less hawkish than expectations.

European indices end the week on a sour note

Big fall today and down for the week

The major European indices are ending the week on a sour note with big declines on the day. For the week the indices are also lower.
Looking at the provisional closes:
  • German DAX -1.9%
  • France’s CAC -1.5%
  • UK’s FTSE 100 -2.0%
  • Spain’s Ibex -1.9%
  • Italy’s FTSE MIB -1.8%
For the week, the indices are all in the red:
  • German DAX, -1.65%
  • France’s CAC -0.5%
  • UK’s FTSE 100 -1.75%
  • Spain’s Ibex -2.05%
  • Italy’s FTSE MIB -2.0%
A look around the markets as London/European traders look to exit shows:
  • Spot gold up to dollars and $0.50 or +0.13% at $1775.62.
  • Spot silver is up $0.10 or 0.4% $26 even
  • WTI crude oil futures are rebounding and currently up around $0.96 or 1.35% at $72 even. The high price reached $72.17. The low extended to $70.16
  • Bitcoin is down $-1300 or -3.45% at $36,437. The low price reached $36,366. The hi was up at $38,240
in the US stock market, the major indices are down sharply with the Dow industrial average leading the way.
  • S&P index -48 points or -1.4% at 4173.63
  • NASDAQ index -136 points or -0.96% at 14025.65
  • Dow is down -472 points or -1.4% at 33352.
In the US debt market, the yields are mixed with a flatter yield curve as traders exit the shorter end (pushing up yields on Fed hikes sooner than expected). The longer and is down as the market prepares for the economy slowing because of the Fed hikes.
Big fall today and down for the week

In the European equity market, the benchmark 10 year yields are mixed with flight to safety flows into the German, France, UK debt (yields lower), and flights out of risk in the Spain, Italy, and Portugal notes (yields higher):

European yields are mixed
The USD remains the strongest of the major currencies (and moving higher) followed closely by the JPY.  Fed’s Bullard’s comments have been the big catalyst for a higher dollar (more hawkish in his interview on CNBC).   The NZD is the weakest followed by the other commodity currencies including CAD and AUD.

European equities more sluggish to kick start the day

epid tones after the mixed session yesterday

  • Eurostoxx -0.1%
  • Germany DAX flat
  • France CAC 40 -0.1%
  • UK FTSE -0.2%
  • Spain IBEX -0.5%
Even though the dollar may be keeping in good stead, the bond market and equities aren’t quite sharing a similarly outsized reaction to the Fed.
US stocks were under pressure early on yesterday but recovered towards the end with the Nasdaq near record highs after a close of 0.9% higher. US futures are keeping steadier with S&P 500 futures up 0.1%, Nasdaq futures up 0.3%, and Dow futures flat.
Just be mindful though that it is also quadruple witching day today.

Modest changes in the European major indices today

Mixed closes for the major European indices

The major European indices are closing mixed with modest changes. The snapshot of provisional closes shows:

  • German DAX, -0.1%
  • France’s CAC, +0.2%
  • UK’s FTSE 100, +0.3%
  • Spain’s Ibex, -0.2%
  • Italy’s FTSE MIB, +0.2%
In the European debt market, the benchmark 10 year yields are all down around  -1 to -1.6 basis points.
Mixed closes for the major European indices_In other markets as London/European traders look to exit:
  • Spot gold is trading down $0.56 or -0.03% at $1858.46.
  • Spot silver is up nine cents or 0.36% $27.76
  • WTI crude oil futures are up $0.77 or 1.07% at $72.89. The price reached a new cycle high of $72.99
  • Bitcon is trading down -$1158 or -2.9% at $38,797
in the US stock market, the major indices remain mixed:
  • S&P index -1.5 points or -0.04% of 4245.20
  • NASDAQ index +12.3 points or 0.09% at 14085.20
  • Dow -26.02 points or -0.07% at 34274.61

European indices end the session with mixed results. Spain and Italy lower.

German Dax higher

The major European indices are ending the session with mixed results. Spain and Italy tilt more to the downside.

The provisional closes are showing:
  • German DAX, +0.4%
  • France’s CAC, +0.4%
  • UK’s FTSE 100, +0.3%
  • Spain’s Ibex, -0.5%
  • Italy’s FTSE MIB, unchanged
In the European debt market, the benchmark 10 year yields are closing higher:
German Dax higher_In other markets as European/London traders look to exit:
  • Spot gold is trading down $5.60 or -0.3% at $1860.61.
  • Spot silver is down $0.29 or -1.08% $27.55
  • WTI crude oil futures are trading up $0.87 or 1.23% at $71.74. The price reached a new cycle high, and the highest level going back to October 2018 at $72.03
  • Bitcoin is trading up $101 at $39,945

European indices close the day with gains

German Dax lags (unchanged on the day)

The major European indices are closing the day with gains. The exception is the German DAX which is closing near unchanged levels. The provisional closes are showing:
  • German DAX, unchanged
  • France’s CAC, +0.3%
  • UKs FTSE 100, +0.3%
  • Spain’s Ibex, +0.9%
  • Italy’s FTSE MIB, +0.2%.
In other markets as European traders look to exit:
  • Spot gold is down $-13.82 or -0.73% at $1864
  • spot silver is up one cent or 0.04% at $27.92.
  • WTI crude oil futures are up $0.46 or 0.65% at $71.36. That is off the intraday high of $71.78, but above the low at $70.65.
  • Bitcoin remains above the $40,000 level at $40,713.35
In the US stock market, the Dow industrial average is moving lower. The latest casualty is J.P. Morgan which is now down -2% after comments from CEO Jamie Dimon.
  • Dow -220 points or -0.63% at 34261.54
  • S&P -11 points or -0.26% at 4236.31
  • NASDAQ +33 points or 0.24% at 14102.43
In the US debt market, yields are higher with the 10 year up 3.88 basis points and

German Dax lags (unchanged on the day)
The benchmark 10 year yields in Europe are also higher with Spain 10 year up 3.4 basis points leading the way:

European yields are higher
IN the forex, the NZD remains the strongest and the JPY is the weakest. The USD is mixed with gains vs the JPY and CHF, and declines vs the EUR, CAD, NZD and AUD. The USD is near unchanged verse the GBP.