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European shares close mixed

The major European indices are closing the day with mixed results:

  • German DAX, unchanged
  • France’s CAC, -0.32%
  • UK’s FTSE 100, unchanged
  • Spain’s Ibex, +1.8%
  • Italy’s FTSE MIB +0.8%

Looking at the benchmark 10 year yields, yields are sharply higher with the exception of the Italian 10 year is down by about one basis point. The German 10 year is up 12.1 basis points while the UK 10 years up 14.7 basis points.

European stocks close sharply lower today. A horrible week for the major indices as well.

The major European indices are closing the day at sharply lower. For the week, the losses are shocking as investors get out of Europe.

A look at the closing levels for the day shows:

  • German DAX, -4.41%
  • France’s CAC, -4.97%
  • UK’s FTSE 100, -3.48%
  • Spain’s Ibex, -3.63%
  • Italy’s FTSE MIB -6.24%

For the trading week, 3 of the major indices lost 10% or more in this week alone:

  • German DAX, -10.11%
  • France’s CAC, -10.23%
  • UK’s FTSE 100, -6.44%
  • Spain’s Ibex, -9.02%
  • Italy’s FTSE MIB -12.63%

Looking at the German DAX, the price traded to the lowest level since December 2020, and in the process has moved below the 38.2% retracement of the move up from the 2020 low to the high seen in 2021. That level comes in at 13221. The price closed at 13094.54.

Next week, moving back above that 38.2% retracement is a first target to get to and through if the buyers are to show some life.

European shares erase earlier gains. Close mostly lower

The major European indices erased solid gains and are closing mostly lower on the day. At the highs, the

  • German DAX was up 1.42%
  • France’s CAC was up 1.73%
  • UK’s FTSE 100 was up 0.74%
  • Spain’s Ibex was up 1.34%
  • Italy’s FTSE MIB was up 1.31%

The provisional closes are now showing:

  • German DAX, -0.5%
  • France’s CAC, -0.1%
  • UK’s FTSE 100, unchanged
  • Spain’s Ibex, -0.7%
  • Italy’s FTSE MIB -0.3%

As European traders exit for the exit, the NZD remains the strongest of the major currencies but has given up some of their gains. The RBNZ the hiked rates by 25 basis points but it was a close call between 25 and 50 basis points.

European major indices close lower

The major European indices are ending the session with declines across the board. The losses were led by the Italian FTSE MIB which fell -1.19%. The France’s CAC fell by a provisional -0.4%.

A snapshot of the provisional closes shows:

  • German DAX, -0.8%
  • France’s CAC, -0.4%
  • UK’s FTSE 100 -1.0%
  • Spain’s Ibex, -0.9%
  • Italy’s FTSE MIB -1.2%
European stocks
European stocks end lower

The European debt market, the benchmark 10 year yields are mostly lower but off their lowest levels. The German, France, Italy yields are near unchanged. The UK 10 year yield fell -6.4 basis points.

Europe
Benchmark Europe the 10 year yields