It was a tough start for UK stocks but they fought back to finish nearly unchanged.
Despite the volatility yesterday, it was a solid week for European stocks.
On the week:
For the trading week,:
The major European indices are ending the day mostly higher. The exception is the UK FTSE 100 is the struggles through the implications of the Susan Gray report on the Covid parties at No. 10.
In the European debt market, the benchmark 10 year yields are lower with the exception of the UK 10 year yield which as reason by 6.2 basis points.
US stocks sold off hard at the end of the day yesterday, so while European markets aren’t matching the 1.4% rise in the S&P 500 today, they’ve kept pace on a two-day basis.
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:
Looking around other markets as London/European traders look to exit:
The US stock market continues to see rotation out of the tech sector and into the cyclical sector.
In the US debt market, the yield curve is flatter today with the two year up while the 30 year is down marginally.
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.
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.
