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European shares end the session with decent gains

  
Analysis, Global Indices

Yields are higher in Europe today

The European major indices are closed and the numbers are positive on the day:
  • German DAX, +0.77%
  • France’s CAC, +0.34%
  • UK’s FTSE, +0.6%
  • Spain’s Ibex, 0.66%
  • Italy’s FTSE MIB, +0.6%
In the 10 year note sector today yields are also higher but yields are still depressed.
Yields are higher in Europe todayThe German 10 year yield is below the 2016 low at -0.189% still.
German tenure

Eurostoxx futures +0.4% in early European trading

  
Analysis, Global Indices

Optimistic tones in early trades as the positive risk mood spreads to Europe

  • French CAC 40 futures +0.4%
  • UK FTSE futures +0.5%
  • Spanish IBEX futures +0.5%
This mirrors sentiment seen in US equity futures which are up by about 0.3% to begin the session. The positive risk mood comes as Trump indefinitely suspends tariffs against Mexico in an announcement over the weekend.
Do be reminded that some markets are closed in Europe today, with the DAX not trading in observance of Whit Monday. Hence, thinner liquidity conditions may prevail in the session ahead before North American traders join in the fray.

Nikkei 225 closes higher by 1.20% at 21,134.42

  
Analysis, Global Indices

Tokyo’s main index climbs on improved risk sentiment in markets

Nikkei 10-06

Asian stocks are on the up today as markets are cheering the fact that Mexico manages to avoid tariffs – for now – from the US following Trump’s announcement over the weekend. That has helped put risk assets in a good mood to start the week with global equities sentiment improving and Treasury yields also higher on the day.

USD/JPY sits at 108.62, up by 0.4%, as the yen is seen slightly weaker but also as the dollar is gaining solid ground; retracing some of Friday’s losses.

Nikkei 225 closes higher by 0.53% at 20,884.71

  
Analysis, Global Indices

Tokyo’s main index climbs on more optimistic tones in Wall St overnight

Nikkei 07-06

There’s also a hint of optimism that trade talks between US and Mexico will see some positive news before the week ends, so that’s lending to better sentiment in Asian trading today. That said, markets will still be keeping a watchful eye on further talks during the US session and also on the non-farm payrolls data to come later today.

European futures are expected to mirror mild gains in US equity futures but overall risk sentiment remains more flat until we clear the risk events noted above. USD/JPY holds near flat levels at 108.44 currently with currencies still in a bit of a lull.

Nikkei 225 closes at flat levels amid mixed mood in Asian markets

  
Analysis, Global Indices

Tokyo’s main index closes lower by 0.01% at 20,745.84

Nikkei 06-06

Equities are having to weigh up Fed rate cuts and global trade tensions – immediate focus being US-Mexico – and that’s causing for a bit of a mixed tone in Asian trading. Gains have been fleeting over the past hour and we’re seeing stocks reverse early gains as trade sentiment sours hopes of a Fed rate cut later in the year.
It’s hard to really make anything of this so perhaps it’s best to look towards US futures, which are down by 0.1%, as that would be more telling of the way things will play out in the European morning.
USD/JPY continues to hold lower at 108.10 currently as the yen extends gains amid more cautious risk sentiment after US-Mexico talks failed to reach a deal overnight.

European stocks rise modestly on the day

  
Analysis, Global Indices

US stocks back higher after dipping into the red

The European major stock indices are ending the day with modest gains.
The provisional closes are showing:
  • German DAX, +0.1%
  • France’s CAC, +0.46%
  • UK’s FTSE, +0.08%
  • Spain’s Ibex, +0.4%
  • Italy’s FTSE MIB bucked the trend and is closing down -0.4%
The benchmark 10 year yields in Europe are lower. Italy, which was higher earlier, reversed the flows and also fell on the day.  German yields remain around the -0.20%.
10 year benchmark yields in Europe are lowerin the US stock market, the markets have been whipping around. Both the S&P and NASDAQ gave up solid early gains, and moved into the red (negative), but are now both higher again.  The snapshot as London/European traders look to exit show
  • the S&P index of 12.72 points or 0.45% at 2816.0
  • The NASDAQ index of 25 points or 0.34% at 7552
  • The Dow is up 148 points or 0.59% at 25480
In the US debt market, the 2 year was down nearly 10 basis points earlier in the day but are currently only down about 4 bps.  The 30 year is higher as the yield curve steepens a bit.
The US yield curve steepens with 2 year yields lower and 30 year yields higher

European shares end the day with mixed gains (but gains)

  
Analysis, Global Indices

US stocks or near session highs.

The European shares are closing the day with solid gains. There is less trade worries today and short/hedges are being squeezed a bit.

The closes are showing:

  • German DAX, +1.5%
  • France’s CAC, +0.5%
  • UK’s FTSE, +0.4%
  • Spain’s Ibex, +1.1%
  • Italy’s FTSE MIB, +1.7%

The US stock market is also positive today and near session highs as London/European traders look to exit:

  • S&P index +44.14 points or 1.61% at 2788.60. The price moved back above its 200 day moving average at 2774. The 100 day moving average is currently at 2800.
  • Nasdaq is up 150 points or 2.05% at 7483.40.  It remains below its 200 day moving average at 7519.39.
  • The Dow is up 427 points or 1.71% 25244.

In the European debt markets, the benchmark 10 year yields are ending mostly lower but off the lowest levels (UK yields moved higher today).

US stocks or near session highs.

In the forex market, the AUD is now the strongest currency. The GBP was the strongest at the start of the day. The JPY is the weakest (on the back of higher stocks basically).  For the USD, the sum of the % gains (EUR, JPY and CHF) and the % losers today (GBP, CAD, AUD and NZD) is equal to 0.0%. The dollar is perfectly mixed with some gains and some losses.

Nikkei 225 closes lower by 0.01% at 20,408.54

  
Analysis, Global Indices

Tokyo’s main index closes at flat levels on the day

Nikkei 04-06

Sentiment remains cautious for the most part but Japanese stocks settled near unchanged levels after weighing between softer risk sentiment overnight along with more decent tones in trading today. US equity futures are up by around 0.1% while Treasury yields are also higher as we begin the session.

That said, it hasn’t translated into much meaningful movement in currencies as the search for direction continues amid the flurry of volatility. Although bond yields are faring better today, I can’t help get the sense that it could all be wiped out in a blink of an eye.
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