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S&P, Nasdaq have best year since 2013

  
Analysis, Global Indices, US Market
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Nasdaq up over 35% on year

The US stock market is closed for the year, and oh what a year it was.
The S&P index and the NASDAQ index both had their best years since 2013. The NASDAQ index led the way for the year with a gain of 35.23%. The S&P index rose by 28.87%. The Dow industrial average was limited with a 22.33% gain. Boeing weighed on that index in 2019.
For the day, the major indices are closing near highs:
  • S&P index rose 9.41 points or 0.29% to 3230.70
  • NASDAQ index rose 26.611 points or 0.30% to 8972.60
  • Dow rose 76.1 points or 0.27% to 28538.24
Globally for the year, the Nasdaq index was the largest gainer (+35.23%) followed by the S&P index (+28.88%) and Italy’s FTSE MIB (up 28.28%).  The Shanghai composite index had a impressive 22.1% return.  France’s Cac and Germany’s DAX rose 26.37% and 25.48% respectively.
The worst performing index was the Portuguese PSI20 at 10.20% and Spain’s Ibex at 11.82%.  The UK FTSE, with all the upheaval and uncertainty from Brexit and the political upheaval, had a limited (relatively) gain of 12.10%.
The YTD returns were impressive in 2019

European stocks set for a softer final day of the year

  
Analysis, Global Indices

But it has been a standout year in terms of overall performance

  • Eurostoxx futures -1.2%
  • French CAC 40 futures flat
  • UK FTSE futures -0.3%
Some hints of profit-taking perhaps amid thin liquidity conditions but there isn’t anything too major when you weigh it against the trading performance over the course of the year.
Despite the economic slowdown this year and some hiccups on trade and politics, European equities have largely weathered the storm to post one of the better years with the help of the ECB adding stimulus. Here’s the year-to-date performance:
  • Eurostoxx +24.9%
  • Germany DAX +25.5%
  • France CAC 40 +26.5%
  • UK FTSE +12.8%
  • Spain IBEX +12.6%
  • Italy MIB +28.3%

European shares end the day lower

  
Analysis, Global Indices
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German DAX, -0.66%. UK’s FTSE, -0.68%

the major European stock indices are ending the day with declines. The provisional closes are showing:
  • German DAX, -0.66%
  • France’s CAC, -0.79%
  • UK’s FTSE, -0.68%
  • Spain’s Ibex, -0.74%
  • Italy’s FTSE MIB, -1.06%
  • Portugal’s PSI 20, -0.62%
In the European debt market, yields moved sharply higher with the UK 10 year benchmark note leading the way with a rise of 11 basis points.
German DAX, -0.66%. UK's FTSE, -0.68%_In other markets as European traders exit:
  • Spot gold is higher by $5.60 or 0.37% at $1516.18. It is trading at the highs for the day with the low down at $1510.86
  • WTI crude oil futures are down $0.17 at $61.54, after failing to hold above the $62 level. The high price for the day reach $62.34
The US stocks are trading lower on the day led by declines in the NASDAQ index
  • S&P index -14 points or -0.44% at 3226
  • NASDAQ -51.18 points or -0.57% at 8955.82
  • Dow -129 points or -0.45% at 28514

US yields are also higher with the yield curve steepening. The 2 – 10 year spread has widened out to 34.28 basis points from 29.4 basis points on Friday.

US yields are higher

Nikkei 225 closes lower by 0.36% at 23,837.72

  
Analysis, Global Indices

A bit of a mild retreat for Japanese stocks to end the week

Nikkei 27-12

Asian markets are a bit mixed today as trading remains rather light towards the end of the year. Despite the struggle to firmly sit above the 24,000 level, the Nikkei is still having a stellar year as the index is up by 19.1% in year-to-date trading.
Overall, it’s been a great year for equities in general and most Asian indices are able to partake in those gains. The only ones with less impressive returns are Hong Kong – due to the social unrest – and emerging markets – owing to sluggish global growth:
  • Nikkei +19.1%
  • Hang Seng +9.0%
  • Shanghai Composite +20.9%
  • CSI 300 +34.1%
  • Kospi +7.8%
  • STI +5.1%
  • Jakarta Composite +2.0%
  • FBM KLCI -5.1%

European shares end the day with gains

  
Analysis, Global Indices

German DAX up 0.8% UK FTSE up 0.1%

The major European indices are ending the day with mostly decent gains. The exception is the FTSE 100 which rose by about 0.1%.
Provisional closes are showing:
  • German DAX, +0.8%
  • France’s CAC, +0.8%
  • UK FTSE 100, +0.1%
  • Spain’s Ibex, +0.6%
  • Italy’s FTSE MIB, +1.2%

For the week the major indices are also closing higher:

  • German DAX, +0.27%
  • France’s CAC, +1.7%
  • UK’s FTSE 100, +3.0%
  • Spain’s Ibex, +1%
  • Italy’s FTSE MIB, +2.8%

Nikkei 225 closes lower by 0.29% at 23,864.85

  
Analysis, Global Indices

Asian equities a little lower on more skittish sentiment

Nikkei 19-12

Japanese stocks continued to retreat on the week as investors continue to stay more cautious amid fading trade optimism with little else to go on in the new year.

The only notable news in the morning is Trump being impeached but it hardly is worth anything with the Senate surely to shoot down the case voted on by the Lower House earlier.
The Hang Seng is down by 0.5% while the Shanghai Composite is down by 0.2% amid more lackluster trading sentiment on the day.
The overall risk mood remains more modest though with US futures keeping flat with little change observed in bond yields. As such, USD/JPY is keeping in a narrow 15 pips range and resting at 109.57 currently to start the European morning.

European shares end the day with mixed results

  
Analysis, Global Indices

German DAX -0.9%. UK’s FTSE near unchanged. Italy’s FTSE MIB +0.4%
The major European shares are ending the day with mixed results:

The provisional closes are showing:
German DAX, -0.9%
France CAC, -0.4%
UK’s FTSE 100, unchanged
Spain’s Ibex, -1.1%
Italy’s FTSE MIB, +0.4%
In the European 10 year note sector, the benchmark yields are lower with the UK 10 year leading the way to the downside at -5.8 basis points. France’s 10 year is trading just above the 0.0% level.

German DAX -0.9%. UK’s FTSE near unchanged. Italy’s FTSE MIB +0.4%_
In other markets:

Spot gold is little changed at $1476.40, plus $0.22
WTI crude oil futures are up $0.74 or 1.23% at $60.95
In the US stock market the Dow has turned back positive as Boeing has recovered from earlier losses and is trading up on the day.

Boeing has the largest weighting in the Dow at 7.85%. As a result, it can have a material impact on the fortunes of the index. Boeing shares are up 0.78% currently. Although Boeing shares are higher the European supplier shares are sharply lower in trading today.

S&P index is up 1.32 points or 0.04% at 3192.84
NASDAQ index trading down -2.7 points or -0.03% at 8811.34
The Dow is up 38 points or 0.13% at 28274.
In the US debt market, the yields are mixed with the shorter and lower and the longer and higher (the yield curve steepening)

US yields are mixed with the yield curve steepening
In the forex market, the CHF is the strongest of the majors, while the GBP remains the weakest. The GBP has extended its decline to the downside against the major currencies since the start of the New York session.

European shares jump on the trade deal bandwagon

  
Analysis, Global Indices

Major indices closing higher in Europe

The major European markets are closed and the indices are higher after reports that a big deal was coming between the US and China.
The provisional closes are showing:
  • German DAX, +0.66%
  • France’s CAC, +0.53%
  • UK FTSE 100, +0.98%
  • Spain’s Ibex, +0.94%
  • Italy’s FTSE MIB, +1.0%
In the 10 year note sector, the benchmark 10 year yields reversed higher after being lower earlier in the day, with the yield up by 3.2 basis points to 5.5 basis points.

European pre-market: Sterling hangs on to gains to start election day

  
Analysis, Global Indices

It is election day in the UK but don’t forget about the SNB and ECB too

WCRS 12-12
Cable continues to sit at its highest level since March as the polling stations are about to open in the UK. Overall market movement so far today is minimal – as seen by the ranges – but the big moves came overnight after the FOMC meeting.
Fed chair Powell stressed on the need for a sustained rise in inflation before looking to hike and that precipitated dollar weakness across the board. There hasn’t been much follow through today but the dollar isn’t retracing those losses either to start the day.
Meanwhile, risk remains tepid with little change seen in US futures and bond yields. All eyes are still on Trump as market participants continue to wait on his decision about the 15 December tariffs ahead of the weekend.
Looking ahead, we have the SNB and ECB meetings to look forward to but unless either central bank has a surprise up their sleeve, the meeting decisions and communication should be relative non-events in trading today.
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