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.
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.
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.
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.
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.
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):
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.
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.
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
The benchmark 10 year yields in Europe are also higher with Spain 10 year up 3.4 basis points leading the way:
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.