Archives of “Global Indices” category

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Italy bans short-selling of stocks for 3 months

  
Analysis, Global Indices
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Market regulator Commissione Nazionale per le Società e la Borsa (CONSOB)

  • The Italian Companies and Exchange Commission
dropping the news. 90 day short sale ban.
Not good news for market functioning but it pales in comparison to the deaths and illnesses being caused by the coronavirus. And the real economy impacts.

Eurostoxx futures -4.5% in early European trading

  
Analysis, Global Indices

The selloff transfers over to Europe in early trades

  • German DAX futures -4.7%
  • French CAC 40 futures -4.8%
  • UK FTSE futures -3.6%
With Asian equities trading at the lows for the day (Hang Seng down 4.4%) in the final stages, the risk averse mood looks to be hitting Europe hard to start the morning.
US futures also are staying pressured after hitting limit down earlier today, with 10-year Treasury yields down by over 25 bps to 0.70% currently.

Nikkei 225 closes lower by 2.46% at 17,002.04

  
Analysis, Global Indices

The Nikkei closes near the lows for the day after the BOJ policy decision

Nikkei 16-03

Japanese stocks held on to hope for the longest of time today, awaiting the BOJ decision but ultimately those hopes were overwhelmed by fear as the central bank appears to have disappointed the market with no change to rates or JGB yields target.

ETF purchases were very much expected but the BOJ appears to be catching a falling knife with their latest ploy and the market is not convinced as the Nikkei spiked higher initially before erasing those gains to fall by over 2% today.
The Hang Seng and Chinese equities are also down at their lows for the day now, with the former down by over 3.6% while the Shanghai Composite is down by 2.4%.

European shares end higher but the full story for the day is not so rosy

  
Analysis, Global Indices
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German Dax was up 9% at the high. Closes up 0.2%.

Well…the European shares are ending the day higher. However that is only half the story.  The other half of the story is that the major indices give up a big chunk of their gains from the highs.
The provisional numbers are showing:
  • German DAX, +0.2%. The high for the day was up 9%
  • France’s CAC, +1.4%. The high for the day was up 9.75%
  • UK FTSE 100, +1.7%. The high for the day was up 8.76%
  • Spain’s Ibex, +4.7%. The high price was up 11.73%
  • Italy’s FTSE MIB rose 6.3% but retrace from a 17.8% gain

For the week, the major indices got creamed.

  • German DAX, -20.01%
  • France’s CAC, -20.3%
  • UK’s FTSE 100, -17.6%. Worse since 2008.
  • Spain’s Ibex, -21%
  • Italy’s FTSE MIB -24%
How are the major European indices fairing for the year?
  • German DAX, -30.32%
  • France’s CAC, -31.42%
  • UK’s FTSE 100, -29.4%
  • Spain’s Ibex, -31.1%
  • Italy’s FTSE MIB, -32.7%

Nikkei 225 closes lower by 6.08% at 17,431.05

  
Analysis, Global Indices

Down day but it could have been much worse

Nikkei 13-03

The late recovery in US futures and equity indices in the region helped to see the Nikkei shave off the heavier losses sustained during the session, but the index still closes lower by 6% after the bloodbath seen in Wall Street overnight.
On the week, the Nikkei is down by 16% while the Hang Seng – down by 3.6% today – is down by over 10.5% on the week. Chinese equities are among the “better” performers with the CSI 300 index down by just 1.6% today and 6.1% on the week.
For trading today, just keep in mind that sharp moves in the market tend to be accompanied by retracements more often than not. But that doesn’t mean that the worst is over.
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