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Major European indices close moderately higher

  
Analysis, Global Indices

Modest gains/changes for most of the major indices

The major European indices are closing moderately higher.

Provisional closes are showing:
  • German DAX, +0.1%
  • France’s CAC, +0.1%
  • UK’s FTSE 100, +0.2%
  • Spain’s Ibex, unchanged
  • Italy’s FTSE MIB, +0.2%
In other markets as London/European traders look to exit:
  • Spot gold is down $-2.40 or -0.13% at $1810.81.
  • Spot silver is down $0.26 or -1.06% $23.85
  • WTI crude oil futures are up $1.86 or 2.71% at $70.45
  • The price of bitcoin has dipped back below the $50,000 level but is still up $844 on the day at $49,720 (the high price reached $50,190 today)
Looking at the US stock market, the major indices are higher. The S&P and NASDAQ are on pace for a record close:
  • Dow industrial average up 150 points or 0.43% at 35463.60
  • S&P is up 18.5 points or 0.41% at 4542.56
  • NASDAQ is up 64 points or 0.42% at 15373.37
The US dollar moved lower in the North American morning session, but the CHF and JPY are even weaker (although only modestly).

China requires all foreign ships entering the South China Sea register with Chinese maritime authorities

  
Analysis, Politics

China says the new rule will apply to the South China Sea, the East China Sea, and the islands and reefs dotted across those waters. China claims these as its territory.

As you’d expect, the US is having none of it.
Pentagon spokesperson comments:
  • “The United States remains firm that any coastal state law or regulation must not infringe upon navigation and overflight rights enjoyed by all nations under international law” 
  • “Unlawful and sweeping maritime claims, including in the South China Sea, pose a serious threat to the freedom of the seas, including the freedoms of navigation and overflight, free trade and unimpeded lawful commerce, and the rights and interests of South China Sea and other littoral nations” 
Tensions continue between the US and China.
China says the new rule will apply to the South China Sea, the East China Sea, and the islands and reefs dotted across those waters. China claims these as its territory.
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