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European shares and the session higher

  
Analysis, Global Indices

German Dax closes at a new record. France’s CAC just off all time highs

The European major indices are ending the session higher with the German Dax closing at a record level. France’s CAC is stalled just ahead of its all time high today.

A snapshot of the levels shows:
  • German Dax, +0.7%
  • France’s CAC, +0.59%
  • UK FTSE 100, +0.35%
  • Spain’s Ibex, unchanged
  • Italy’s footsie MIB, +0.25%
France’s CACs all time high is up at 6111. The high price reached 6106.12 today.  The German Dax reached a new all-time high of 15110.92.
German Dax closes at a new record. France's CAC just off all time highsT
In other markets as London/European traders look to exit:
  • Gold is up $20.60 or 1.21% at $1728.20.
  • Silver is up $0.35 or 1.45% at $24.77
  • WTI crude oil futures are up $0.56 or 0.91% at $59.70. The remains between the high price of $60.83 and the low price of $58.91 as OPEC+ meet
  • Bitcoin relatively unchanged at $59,027 (up about $70)

a snapshot of the US stock market is showing:

  • S&P index up 34.85 points or 0.88% at 4007.73. The index is above the 4000 level for the first time ever
  • NASDAQ is up 197 points or 1.48% at 13443
  • Dow is up 132 points or 0.40% at 33114

In the US debt market, yields continue to move lower:

  • 2 year 0.154%, -0.6 basis points
  • 5 year 0.8945%, -4.4 basis points
  • 10 year  1.675%, -6.6 basis points
  • 30 year 2.34%, -7.0 basis points
The USD open the day mixed but mostly higher at the start of the NY session. As London/European traders look to exit, the USD continues to weaken and stands just behind the CAD as the weakest of the majors.  Lower yields are pushing the green back lower. Gold is also a negative for the dollar.
The jobless claims for worse than expected, but the four week moving average trend more to the downside. The market PMI data came in as expected (marginally higher than the preliminary). The ISM manufacturing data is much better than expectations.

European equity close: UK lags to end a strong quarter

  
Analysis, Global Indices

Closing changes for European equities:

  • UK FTSE 100 -0.7%
  • German DAX -0.1%
  • French CAC -0.3%
  • Italy MIB +0.2%
  • Spain IBEX -0.6%
On the month:
  • UK FTSE 100 +3.9%
  • German DAX +8.9%
  • French CAC +6.5%
  • Italy MIB +8.0%
  • Spain IBEX +4.5%
The euro’s 3% drop in the month sapped some of those gains for foreign investors but it was still a great month.
On the quarter:
  • UK FTSE 100 +4.3%
  • German DAX +9.4%
  • French CAC +9.4%
  • Italy MIB +11.0%
  • Spain IBEX +6.5%
The story of the year so far is the botched eurozone rollout of vaccines and resurgent cases plus lockdowns. Yet the numbers in the equity market tell a different story. The euro is down about 4% ytd versus the dollar.

Nikkei 225 closes lower by 0.86% at 29,178.80

  
Analysis, Global Indices

For the fiscal year of 2020/21, the Nikkei gained by 54.2% – the biggest climb in the index since the fiscal year of 1972/73

The Topix is also seen shedding 1% so there’s not much window dressing going on in Japanese stocks despite being the end of the fiscal year. On the month itself, the Nikkei is seen trading higher by 0.7% though.

Elsewhere, the Hang Seng is seen down 0.4% while the Shanghai Composite is also marked lower by 0.6% so far on the day.
US futures are keeping more tepid with little change observed, trading near flat levels to start European trading. That despite higher Treasury yields once again, with 10-year yields up nearly 3 bps to 1.73% as we get things going.

DAX the favoured cyclical recovery play?

  
Analysis, Global Indices

Via Bloomberg

The surge in Volkswagen shares last week that helped German stocks higher underlines the DAX as a cyclical recovery play.

The DAX outperformed European stocks overall last week with the DAX edging ahead of the FTSE MIB. A large part of the rally has been as Volkswagen bids to rival Tesla in electric vehicles. Volkswagen overtook SAP as Germany’s most valuable public company. The slowdown in Germany remains as the vaccine rollouts are dogged by delay. Eventually, though, the recovery should come to Germany. That is of course with all the caveats that we currently have regarding how the variants will develop and the pandemic proceed.

Bloomberg survey puts DAX ahead of the European pack

On average the anticipated gain is 2% by the end of the year. This is slightly more than in February. Since the start of February the DAX’s 12 month forward price target percent change has moved ahead of other European peers. Check out the comparison below:

Via Bloomberg Today is not the best day to chase this as the reflation trade is having a wobble. Whether it is a deeper pullback in equities or not is uncertain, but there is a bit or re-orientation going on right now.

Eurostoxx futures -0.4% in early European trading

  
Analysis, Global Indices

softer tones observed in early trades

  • German DAX futures -0.3%
  • UK FTSE futures -0.5%
  • Spanish IBEX futures -0.5%
The drag in Asia is carrying over to Europe, with Chinese equities closing lower after another weak showing today. The Shanghai Composite index closed down 0.9% while the CSI 300 index ended the day down by 1.0%.
US futures are also reflecting some softer tones with S&P 500 futures down 0.2%.

Nikkei 225 closes lower by 2.07% at 29,174.15

  
Analysis, Global Indices

No reprieve for Japanese stocks after BOJ ETF decision

Nikkei 22-03
Even the Topix fell by 1.1% on the day, despite BOJ efforts to reaffirm that they will still step into the market to purchase ETFs if and when necessary.
As much as the BOJ claims that removing the numerical value on a set amount of purchases does not mean lesser commitment, it just isn’t the same.
Elsewhere, Chinese markets are keeping more resilient and rebounding after the lira collapse sparked a wave of risk aversion early on in Asian trading.
The Hang Seng is up 0.1% while the Shanghai Composite is up 1.1% on the day.
Meanwhile, S&P 500 futures are flat while Nasdaq futures are up 0.6% as Treasury yields keep lower going into European morning trade.

European indices end the session lower

  
Analysis, Global Indices

Mixed results for the week

The major European indices are ending the session lower. For the week, the results are mixed:
  • German Dax, -0.9%
  • France’s CAC, -0.8%
  • UK’s FTSE 100, -0.9%
  • Spain’s Ibex, -1.2%
  • Italy’s 50 MIB, -0.65%
For the week, the provisional closes are showing:
  • German Dax, +0.8%
  • France’s CAC, -0.55%
  • UK’s FTSE 100, -0.6%
  • Spain’s Ibex, -1.48%
  • Italy’s footsie MIB, +0.37%

Major European indices close the day with gains as flows move EU equities

  
Analysis, Global Indices

German Dax closes at a record high

The European shares are ending the session with gains across the board. The low funds is moving out of US lifeline overvalued tech stocks and into more beaten-down stocks of years gone by including the EU stocks.
The German Dax is the outperformer. It closed at a new record high.  France’s CAC is enclosed to its all-time high of 6111.41. The high price today reach 6082.92
The final numbers are showing:
  • German Dax, +1.23%
  • Francis CAC, +0.23%
  • UK’s FTSE 100, +0.29%
  • Spain’s Ibex, +0.5%
  • Italy’s 50 MIB, +0.4%

Nikkei 225 closes higher by 1.01% at 30,216.75

  
Analysis, Global Indices

A positive day for Asian equities, tracking US gains overnight

Nikkei 18-03
Risk sentiment is holding up ahead of European trading, with Asian stocks exuding a further sense of optimism after the more dovish Fed yesterday.
That said, the Nikkei has more or less halved its gains from earlier after a report suggesting the BOJ will expand its JGB yields target band from 0.20% to 0.25%. That will keep Japanese assets in a tricky spot going into BOJ meeting and review update tomorrow.
Meanwhile, the Hang Seng is up 1.6% and the Shanghai Composite is up 0.3% currently.
Elsewhere, S&P 500 futures and Nasdaq futures are flat while Dow futures are up 0.2%, all having trimmed earlier gains as the market weighs up the potential for further steepening in Treasury yields post-Fed.
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