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Major European indices close moderately higher

  
Analysis, Global Indices

Modest gains/changes for most of the major indices

The major European indices are closing moderately higher.

Provisional closes are showing:
  • German DAX, +0.1%
  • France’s CAC, +0.1%
  • UK’s FTSE 100, +0.2%
  • Spain’s Ibex, unchanged
  • Italy’s FTSE MIB, +0.2%
In other markets as London/European traders look to exit:
  • Spot gold is down $-2.40 or -0.13% at $1810.81.
  • Spot silver is down $0.26 or -1.06% $23.85
  • WTI crude oil futures are up $1.86 or 2.71% at $70.45
  • The price of bitcoin has dipped back below the $50,000 level but is still up $844 on the day at $49,720 (the high price reached $50,190 today)
Looking at the US stock market, the major indices are higher. The S&P and NASDAQ are on pace for a record close:
  • Dow industrial average up 150 points or 0.43% at 35463.60
  • S&P is up 18.5 points or 0.41% at 4542.56
  • NASDAQ is up 64 points or 0.42% at 15373.37
The US dollar moved lower in the North American morning session, but the CHF and JPY are even weaker (although only modestly).

European indices close lower

  
Analysis, Global Indices

Erase yesterday’s modest gains

The major US indices are ending the day lower, erasing the modest gains from yesterday:

  • German DAX, -0.4%
  • France’s CAC, -0.2%
  • UK’s FTSE 100 -0.3%
  • Spain’s ibex -0.9%
  • Italy’s FTSE MIB -0.7%
in other markets as London/European traders look to exit for the day:
  • Spot gold is up $4.50 or 0.23% $1794.56
  • spot silver is down $0.24 or -1.04%
  • WTI crude oil futures are down -1.13% at $67.58
  • The price of bitcoin is down over $2100 at $46,892
In the US debt market, yields remain tied to the unchanged to plus or -1 basis point:
Erase yesterday's modest gains_
In the European debt market, the benchmark 10 year yields are also modestly changed with gains of less than one basis point across the board:
US rates

Poll results – Rally in global stocks nearly over, further gains will be limited, correction likely by year-end

  
Analysis, Global Indices
#  #  #  #  #

Reuters polled equity market analysts and that headline above is the summary:

In very brief summary:
  • The spread of the Delta variant of the coronavirus and the U.S. Federal Reserve’s pending plans to taper its asset purchases are likely to leave equity markets exposed to turbulence over the coming months.
  • positive earnings season catalyst now behind us
  • 66 of 107 analysts said a correction in global equity markets by end-year was likely. The remaining 41 said unlikely.
Reuters have published a long piece, with a few anecdotal remarks that you might find of further interest, here is the link for plenty more.
Reuters polled equity market analysts and that headline above is the summary:

European major indices close modestly higher

  
Analysis, Global Indices

German Dax lower, France’s CAC higher

The major European indices are ending the session with modest gains

  • German DAX, -0.3%
  • France’s CAC, +0.2%
  • UK’s FTSE 100, +0.3%
  • Spain’s Ibex, +0.3%
  • Italy’s FTSE MIB, unchanged
In other markets as European/London traders look to exit
  • Spot gold is down $-15.68 or -0.87% at $1786.26
  • Spot silver is down -$0.12 or -0.52% $23.68
  • WTI crude oil futures are trading up about $0.10 or 0.13% at $67.70.
  • Bitcoin is trading up $682 and $48,413
In the US stock market, the S&P index traded to a new all-time high. Both the S&P and NASDAQ index or on track for a record close today (although gains are limited). The Dow industrial average has erased earlier declines in trades near session highs.
  • Dow industrial average is up 83.3 points or 0.24% at 35452. The index was down -78.63 points at its low.
  • S&P index is up 9.76 points or 0.22% at 4495.96. That is near the high for the day at 4496.11
  • The NASDAQ index is up 17.29 points or 0.12% 15037.28. The high for the day reached a new all-time intraday record at 15052.20.
In the US debt market, yields have moved higher, with the 10 year moving up to 1.342% at its highs. The low today reached 1.283%:
German Dax lower, France's CAC higher_
A snapshot in the forex market now shows the NZD as the strongest of the majors, while the JPY is the weakest. The USD has been sold vs the EUR and GBP over the last few hours of trading and in the process worked back toward the highs for the day in what has been an up and down day for those pairs. The USD is stronger versus the JPY as that pair reacts to the higher yields.

European equities open higher to start the day

  
Analysis, Global Indices

The early week optimism stays the course

  • Eurostoxx +0.4%
  • Germany DAX +0.3%
  • France CAC 40 +0.5%
  • UK FTSE +0.3%
  • Spain IBEX +0.3%
  • Italy FTSE MIB +0.4%
That’s a good start to the day as equities are keeping with the mood from yesterday. US futures are also up on the day and that is keeping risk trades on firmer footing as we get things underway in European morning trade.
S&P 500 futures are up 0.4%, Nasdaq futures up 0.5%, and Dow futures up 0.3%.
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