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Major European shares end the session higher.

  
Analysis, Global Indices

Indices rebound from Monday’s plunge

The major European indices are ending the session higher. With the exception of the FTSE 100, the indices have risen for 4 consecutive days and all erased Monday’s sharp declines.

The provisional closes are showing:
  • German DAX, +0.99%
  • France’s CAC, +1.41%
  • UK’s FTSE 100, +0.93%
  • Spain’s Ibex, +1.1%
  • Italy’s FTSE MIB, +1.23%
EUrope’s STOXX 600 index increased 1.14% to an all-time high of 461.75.
In other markets as European traders look to exit for the week:
  • Gold continues to trade above and below the $1800 level. It is currently trading at $1800.85 that’s down $-4.55 -0.25%.
  • Silver is trading down $0.14 -0.55% $25.24
  • WTI crude oil futures are trading marginally lower at $71.83. It’s high price reached $72.11 while the low extended to $71.42
  • Bitcoin is trading up about $170 or 0.53% $32,400. The high price reached $32,915. The low extended to $32,056

North American equities rise for the third day but gains were modest

  
Analysis, Global Indices

Closing changes in North America

  • DJIA up 0.1%
  • SPX up 0.2% (9 points to 4367)
  • Nasdaq +0.3%
  • Toronto TSX Composite -0.1%
I would have expected to see some selling given the strength of the rally in the past two days, particularly when Treasury yields turned lower. Instead, the dip buyers stepped up and won the day. Overall, today doesn’t change the technical picture.
Closing changes in North America

Major European indices close mostly higher for the third consecutive day

  
Analysis, Global Indices

Price continues to bounce back higher today. The exception is the UK’s FTSE 100.

The major European indices are closing mostly higher for the third consecutive day. The exception is the UK FTSE 100 which shows a decline of about 0.5%.

A look at the provisional closes are showing:
  • German DAX, +0.58%
  • France’s CAC, +0.3%
  • UK’s FTSE 100, -0.48%
  • Spain’s Ibex, +0.54%
  • Italy’s FTSE MIB, +0.53%
The major European indices are closing mostly higher for the third consecutive day. The one exception is the UK’s FTSE 100 which has almost 0.5% and trading today.
In other markets as London/European traders look to exit:
  • Spot gold is trading up $2 at $1805.17.
  • WTI crude oil futures are up $0.60 S&P index is up 0.67% or 0.80% at $70.85
In the US stock market, the major indices are mixed. The Dow industrial average is lower while the S&P and NASDAQ index are higher:
  • S&P index is near unchanged at 4358.80
  • Dow industrial average is -34.27 points or -0.10% at 34,763
  • NASDAQ index is up 30.06 points or 0.21% at 14,659.

European indices end the session higher

  
Analysis, Global Indices

Major European indices rise to start the trading week

The major European indices are ending the session higher as the new trading week begins. The provisional closes are showing:

  • German DAX, +0.09%
  • Francis CAC, +0.22%
  • UK’s FTSE 100, +0.55%
  • Spain’s Ibex, +0.77%
  • Italy’s FTSE MIB, +0.65%
Looking at the German Dax daily chart, the price over the last two months has seen the price move below the 50 day moving average on three separate occasions. Each break quickly reversed with the price closing above the moving average on each day. Since June 21, the price has been able to stay above that moving average level. The moving average currently comes in at 15455.576. The current price is trading at 15664.55.
Stay above keeps the buyers in control even though price action remains sideways near the all-time high price of 15802.67.
German DAX

European equities little changed to start the day

  
Analysis, Global Indices

Not a whole lot going on to start the session

  • Eurostoxx flat
  • Germany DAX -0.1%
  • France CAC 40 flat
  • UK FTSE +0.2%
  • Spain IBEX -0.2%
With US on holiday today, there might be little appetite for risk trades to really go chasing. European equities are trading near the highs for the year but keep in mind that the mood in the weeks ahead may be a bit less enthused due to the summer time.
That said, as mentioned before, there is still a good argument for European indices to outperform given the improving macroeconomic backdrop as well as from a valuation standpoint – as opposed to the already frothy levels seen in US stocks.
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