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European major indices close mixed on the day

  
Analysis, Global Indices

France’s CAC, Italy’s FTSE MIB close higher

The major European indices are ending the day with mixed results. The provisional closes are showing:

  • German DAX, -0.1%
  • France’s CAC, +0.2%
  • UK’s FTSE 100, -0.9%
  • Spain’s Ibex, -0.6%
  • Italy’s FTSE MIB, +0.7%
In other markets as European/London traders look to exit:
  • Spot gold is trading down $2.45 or -0.13% $1886.36.
  • Spot silver is trading down $0.19 or -0.78% at $24.57
  • WTI crude oil futures are trading down $0.36 or -0.87% at $40.98
A snapshot of the US stock market currently shows:
  • S&P index -12 points or -0.34% at 3614.51
  • NASDAQ index -23 points or -0.20% at 11900
  • Dow -165 points or -0.54% to 9786
In the US in the US debt market, yields remain lower with a flatter yield curve:
US yields lower
In the forex, the GBP remains the strongest of the majors. The AUD has taken over the weakest from the NZD (from the stock market open snapshot).  Overall, the commodity currencies remained the weakest on modest “risk-off” sentiment.  The US dollar remains mixed with gains vs. CAD, AUD and NZD, and declines vs. GBP, EUR, JPY and CHF.

European shares break 3-day win streak

  
Analysis, Global Indices

Major indices lower on the day as concerned about Covid increase

The European stock markets are closed and have snapped the 3 day win streak seen this week. Last week most of the major indices rose 4 of the 5 days. So today is a tilt in the other direction.

The provisional closes are showing:
  • German DAX, -1.1%
  • France’s CAC, -1.3%
  • UK’s FTSE 100, -0.5%
  • Spain’s Ibex, -0.8%
  • Italy’s FTSE MIB, -0.7%
In other markets as London/European traders look to head for the exits:
  • spot gold is trading up $12.80 or 0.69% $1878.52.
  • Spot silver is trading up $0.05 or 0.24% at $24.33.
  • WTI crude oil futures are up $0.38 or 0.92% of $41.82

Nikkei 225 closes higher by 0.68% at 25,520.88

  
Analysis, Global Indices

No stopping the run in the Nikkei so far

Nikkei 12-11
They say that the trend is your friend and the Nikkei is proving that to be the case as Japanese stocks continue to climb upon a break to its highest levels since 1991 this week.
However, that belies the mood elsewhere with AxJ equities showing signs of exhaustion as the Hang Seng is down 0.3% while the Shanghai Composite is down 0.2%.
Meanwhile, US futures are also seen lower with S&P 500 futures down 0.5% with Nasdaq futures seen a little lower by 0.2% as we look towards European trading.
The market feels like it is still trying to figure out whether we are in need for a deeper correction after the manic start to the week or if this is all just a short breather. But either way, there is some element of push and pull taking place for now.

Eurostoxx futures -0.2% in early European trading

  
Analysis, Global Indices

Tepid tones observed in early trades

  • German DAX futures -0.1%
  • UK FTSE futures +0.1%
  • Spanish IBEX futures +0.2%
European futures are little changed as we get the session underway with the market keeping more quiet after the manic start on Monday. Besides the kiwi, major currencies aren’t doing a whole lot so far, with US futures leaning towards slight gains for now.
S&P 500 futures are up 0.4% while Nasdaq futures are up 0.5% but trading has been a little choppy since the Asia Pacific session.

European shares end the session with gains

  
Analysis, Global Indices

Continue to outperform

The European shares are ending the session with gains. The last 6 or 7 days have been higher as hopes for a solution for Covid brings buyers into the more depressed stocks around the globe.

The provisional closes are showing:
  • German DAX, +0.8%
  • France’s CAC, +1.9%
  • UK’s FTSE 100, +1.9%
  • Spain’s Ibex, +3.3%
  • Italy’s FTSE MIB, +0.5%
Although the gains over the last 7 or so days have been impressive, the major indices still remain lower on the year:
  • German DAX, -0.65%
  • France’s CAC, -9.15%
  • UK’s FTSE 100, -16.48%
  • Spain’s Ibex, -19.25%
  • Italy’s FTSE MIB, -11.23%
In other markets as European traders look to exit:
  • spot gold is trading up $19.40 or 1.05% at $1882.62
  • spot silver is up $0.26 or 1.09% at $24.36
  • WTI crude oil futures are up $0.71 or 1.76% of $41
in the US debt market, yields are higher but steady and off the highest levels:
  • 2 year 0.178%, +0 point basis points
  • 5 year 0.447%, +1.9 basis points
  • 10 year 0.954%, +3.0 basis points
  • 30 year 1.743%, +3.4 basis points

European shares end sharply higher. Up 5 of the last 6 trading days

  
Analysis, Global Indices

German DAX surges by 5.2%, France CAC up 7.6%.

The major European indices are closing sharply higher. The gains are the 5th in the last 6 trading days.   Spain’s Ibex leads the way with a gain of over 8%.

The provisional closes are showing:
  • German DAX, +5.2%
  • France’s CAC, +7.6%
  • UK’s FTSE 100, +4.9%
  • Spain’s Ibex, +8.6%
  • Italy’s FTSE MIB, +5.5%
In the European debt market, yields were sharply higher as well as investors push up yields in reaction to a potential Covid vaccine (and rebounding economies).

In other markets:

  • spot gold is trading down $97 or -4.98% $1854
  • spot silver is trading down $1.95 or -7.61% at $23.63
  • WTI crude oil futures are surging by $3.19 or 8.59% at $40.35

Germany DAX erases lockdown drop with a 5% jump so far today after the Pfizer vaccine story

  
Analysis, Global Indices

The market has gone ballistic on the Pfizer vaccine story

DAX

European equities are soaring across the board as gains push to over 5% now and we are seeing that translate to heavy losses for the yen in particular, with investors rotating away from bonds and piling into risk assets.
The DAX has pretty much erased the drop from lockdown fears last month as gains now stretch to almost 5.5% on the day. Madness.
DAX

Nikkei 225 closes higher by 2.12% at 24,839.84

  
Analysis, Global Indices

Highest close in the Nikkei since 1991

Nikkei 09-11
Equities are feeling more upbeat as investors are taking in Biden’s victory in the US presidential election. The Hang Seng is up by 1.5% with the Shanghai Composite seen up by 1.9% as we look towards the closing stages today.
Elsewhere, US futures are also pointing to solid gains with S&P 500 futures up 1.6% while Nasdaq futures are up 2.5% ahead of European trading.
The market is largely sticking with the election playbook so far, though largely ignoring any risks from a smaller stimulus or that one may not come in the lame duck session.
I reckon the market is waiting to hear from Biden this week on his plans for that, so the election relief rally remains the key focus for now at least.
Elsewhere, the dollar is hammered across the board over the past few days and that is continuing today with the greenback sitting lower alongside the yen.
EUR/USD is on the cusp of hitting 1.1900 while we are seeing some key technical levels being stretched. The Bloomberg dollar index has fallen to a fresh low since May 2018 and is on the verge of testing its 100-month moving average – first time since 2014.
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