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European shares end with sharp losses on global growth concerns
PMI data in Japan, Europe and US not that great
The PMI data out of Japan, Europe and the US was admittedly not that great today. There was hope that the global headwinds was abating. The data today weakens that view.
Stocks in the Europe (and the US) have reflected that shift (at least for now).
The closes for the European market are showing:
- German DAX, -1.77%
- Francis, -1.81%
- UK’s FTSE, -1.42%
- Spain’s Ibex, -1.26%
- Italy’s FTSE MIB, -2.0%
Eurostoxx futures -0.7% in early European trading
The softer risk tones extend to Europe in early trades
- German DAX futures -0.7%
- French CAC 40 futures -0.6%
- UK FTSE futures -0.6%
This mainly reflects the mood seen in US equity futures, which are down by 0.5% now. Risk sentiment remains slightly on the cautious side as we begin trading on the session with the undertones from US-China trade tensions still weighing on markets this week.
For today, look towards euro area PMI data for more clues as further deterioration in economic conditions in the region could spark more safety flows on fears that the global economic slowdown is worsening.
Nikkei 225 closes lower by 0.62% at 21,151.14
Tokyo’s main index closes lower as US-China tensions continue to weigh on sentiment in the region this week
This mainly reflects the softer mood in Wall Street overnight as well as US equity futures today, which are down by about 0.5% currently. US-China tensions are still the main factor affecting markets as it looks like the cautious sentiment will continue for a while longer.
Chinese equities are weighed lower, down by more than 1% on the day. The weaker risk tones are helping to push the yen a little higher with USD/JPY slightly lower at 110.28 currently.
Korea leads maybe not just in Semiconductors and Currency
European shares end the session mostly lower
German Dax up 0.2%
The European equity markets are closed with the shares ending the session mostly lower:
- German DAX, +0.2%
- France’s CAC, unchanged
- UK FTSE, unchanged
- Spain’s Ibex, unchanged
- Italy’s FTSE MIB, -0.54%
- Portugal’s PSI 20, -0.28%
Nikkei 225 closes higher by 0.05% at 21,283.37
Tokyo’s main index ends near flat levels, but closer to the lows today
Japanese stocks had quite a bit to deal with in the session today with trade balance data suggesting that exports are showing a further slump but domestic demand is seen improving. However, US-China trade tensions are still seen lingering in the region and that didn’t really help with the mood in the final two hours of trading.
Elsewhere in Asia, Chinese stocks are on the back foot with the Shanghai Composite down by 0.6% currently. That should lend to a slightly more cautious mood as we begin European trading, with US equity futures also down by 0.1% on the day.
European shares end the session with gains
European indices end the session higher.
- German DAX, +0.86%
- France’s CAC, +0.5%
- Britain’s FTSE, +0.3%
- Spain’s Ibex, +0.47%
- Italy’s FTSE MIB, +0.74%
Below are the % low and % highs and closes of the major indices including the NA markets which are holdig on to solid gains (but off lows and highs):
In the 10 year note sector, yields are ending mixed with risk on flows dominating with help from higher stocks:
Nikkei 225 closes higher by 0.24% at 21,301.73
Tokyo’s main index retains gains but finishes near the lows
The gains in Japanese stocks were mostly helped by the better-than-expected Q1 GDP report but as investors are given time to digest the less pretty details, the earlier optimism started to wane. Equities in the region are more mixed as Chinese stocks are trading lower but overall risk sentiment remains more neutral as US equity futures are slightly higher.
That’s seeing yen pairs a little more underpinned but the positive tones among risk assets aren’t really overwhelming as we begin the session. As such, USD/JPY is holding just a tad higher at 110.15 currently.
European stock futures are also flat in early trades so let’s see how markets develop in the sessions ahead before settling on a fresh direction to start the new week.