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European equity close: Moderate selling weighs on stocks

  
Analysis, Global Indices
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Closing changes for the main European bourses:

  • UK FTSE 100 -0.3%
  • German DAX 0.4%
  • Italy MIB +0.2%
  • French CAC -0.4%
  • Spain IBEX +0.4%
The periphery did better today. In Spain stocks opened much lower but recouped the losses quickly and then finished at he highs of the day. The IBEX daily chart continues to consolidate but that’s a nice rejection of the lower trendline.
Closing changes for the main European bourses:

Major European indices are closing the day in the red. Down for the month.

  
  Analysis
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German Dax down -0.4%.

The major European indices are closing the day (and the month) in the red.

A snapshot of the provisional closes shows:
  • German DAX, -0.4%
  • France’s CAC, -0.3%
  • UK’s FTSE 100, -0.4%
  • Spain’s ibex -0.6%
  • Italy’s FTSE MIB unchanged
For the month, the major indices are also closing lower:
  • German DAX, -3.3%
  • France’s CAC -2.1%
  • UK’s FTSE 100, -0.35%
  • Spain’s ibex, -0.23%
  • Italy’s FTSE MIB -1.0%
A look at other markets as the London/European traders look to exit for the day and say goodbye to the month of September shows:
  • Spot gold up $35.75 or 2.07% at $1760.70. The move to the upside has been supported by a lower dollar today
  • Spot silver is also up strongly by $0.58 or 2.76% at $22.10
  • WTI crude oil futures are up $0.36 or 0.45% $75.20
  • Bitcoin is up $79 and $43,254

Euro Stoxx index falls for the first time in 11 trading sessions

  
Analysis, Global Indices
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European indices move lower today

The major European indices have closed lower today.

  • The Euro Stoxx index fell for the first time in 11 trading sessions (10 higher closes).
  • The German Dax came off of a record levels.
  • The France’s CAC could not reach its all-time high from 2000
A look at the provisional closes shows:
  • German DAX, -0.5%
  • France’s CAC, -0.9%
  • UK’s FTSE 100, -1.0%
  • Spain’s Ibex, -0.83%
  • Italy’s FTSE MIB, -0.85%
The Euro Stoxx index fell -0.7%.
In other markets as London/European traders look to exit:
  • Spot gold plus $5.50 or 0.32% at $1784.85.
  • Spot silver is up for cents or 0.21% $23.75
  • WTI crude oil futures are down $0.35 or -0.49% at $67.60
  • bitcoin is trading down $773 at $46,248. The digital currency traded above $48,000 today
In the US stock market, the major indices are lower but off their lowest levels:
  • Dow is down -79 points or -0.22% at 35436
  • S&P index is down -16.29 points or -0.36% at 4451.53
  • NASDAQ is down 125 points -0.85% 14697.65
In the forex market, the CHF is now the strongest of the majors while the CAD remains the weakest. The USD is mixed with gains vs the CAD, AUD and NZD and declines vs the JPY and CHF. The greenback is near unchanged levels vs the EUR and GBP.

European shares close higher. France’s CAC trades closes at a new high going back to 2000

  
Analysis, Global Indices
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Solid week for the major indices as well

The European shares a closing higher with the German DAX rising 1.2% leading the way. The major indices also closed higher for the week.
A look at the provisional closes shows:
  • German DAX, +1.2%
  • France’s CAC +0.3%
  • UK’s FTSE 100, +0.7%
  • Spain’s Ibex, +0.8%
  • Italy’s FTSE MIB,  +0.35%

For the week, the major indices also are ending higher on the week

  • German DAX, +1.6%
  • France’s CAC, +1.65%
  • UK FTSE 100, +2.3%
  • Spain’s Ibex, +2.6%
  • Italy’s FTSE MIB +1.8%
The CAC index is closing at the highest level since October 2020.
Solid week for the major indices as well

Major European indices end the day with mixed results.

  
Analysis, Global Indices
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A good week for European equities as they benefit from flow of funds

The major European indices are ending the week with mixed results.  The German Dax broke its four day streak that also saw new all time highs being made.
The provisional closes are showing:
  • German DAX, -0.5%
  • France’s CAC, +0.2%
  • UK’s FTSE 100, +0.4%
  • Spain’s Ibex, +0.45%
  • Italy’s FTSE MIB, unchanged
For the week, the major indices are all solidly higher:
  • German Dax, +4.18%
  • France’s CAC, +4.5%
  • UK’s FTSE 100, +1.9%
  • Spain’s Ibex, +4.1%
  • Italy’s 4.9%

Year to date, all the indices are also higher:

  • German Dax, +5.71%
  • France’s CAC, +8.87%
  • UK’s FTSE 100, +4.62%
  • Spain’s Ibex, +6.9%
  • Italy’s footsie MIB, +8.4%
In the European debt market, the benchmark 10 year yields are ending the day higher across the board

European yields are higher across the board
In the forex, the snapshot of the strongest weakest as London/European traders look to exit shows the CAD is extending its lead to the upside after a trauma than expected jobs report today. The NZD and GBP remain the weakest. The USD is stronger but losing ground vs the CAD.

European shares end the session with solid gains

  
Analysis, Global Indices
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Major indices up sharply

The flow funds into the European markets continue today with sharp moves to the upside in the major indices. A look at the provisional closes are showing:

  • German DAX, +2.1%
  • France’s CAC, +2.4%
  • UK’s FTSE 100,
  • Spain’s Ibex +2.8%
  • Italy’s FTSE MIB, +2.8%
For the year, the European shares are still down sharply:
  • German Dax -2.2%
  • France’s CAC, -15.9%
  • UKs FTSE -18.4%
  • Spain’s Ibex, -24%
  • Italy’s FTSE MIB, -14.05%

Major European indices end the session mixed

  
Analysis, Global Indices
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Provisional closes for the European major indices

the European stock markets are closing for the day with mixed results. Germany, France, UK, and Spain are all trading within 0.11% of the Friday close.  Italy had the biggest move with decline of -0.60% or more. The major indices are closing well off the session highs as well.
The provisional closes are showing:
  • German DAX, +0.07%. At the high the index was up 0.87%
  • France’s CAC, -0.06%. At the high the index was up 0.93%
  • UK’s FTSE MIB, +0.11%. At the high the index was up 1.07%
  • Spain’s Ibex, -0.06%. At the high the index was up 0.70%
  • Italy’s FTSE MIB, -0.68%. At the high the index was up 0.44%

European shares end the session higher but off the highest levels.

  
Analysis, Global Indices
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The German Dax risse by 0.95%

The major European shares are ending the session higher. However, they are also closing near the lows for the day (and well of the highs for the day).

  • German DAX, +0.96%. The high reached +2.05%
  • France’s CAC, +0.18%. The high reached +1.57%
  • UK FTSE 100, +0.06%. The high reached +0.86%
  • Spain’s Ibex, +0.18%. The high reached +2.36%
  • Italy’s FTSE MIB, +0.42%. The high reached +2.48%
Meanwhile in the US, the major indices are mixed with the NASDAQ currently trading down -0.39% and near session lows. The S&P index is trading midrange at +0.56%. The Dow industrial average is trading near its highs at +1.14%.

EU proposes €750 billion pandemic stimulus fund

  
  Analysis
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Including €390 billion in grants

the EU is proposing a €750 billion stimulus fund. The grants within that fund are proposed at €390 billion. This is lower than the €500 billion that Germany and France propose, but is higher than the €350 billion billion counterproposal from the so-called frugal countries.

  • You proposes €1.074 trillion for blocks 2021 – 2027 budget

European shares end the session mixed

  
Analysis, Global Indices
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France and Spain indices move lower

The European shares are ending the session with mixed results. France and Spain indices are lower. Germany, UK, Italy are trading higher.

The provisional closes are showing:
  • Germany Dax, +0.44%
  • France CAC, -0.36%
  • UK FTSE 100, +0.6%
  • Spain’s Ibex, -0.34%
  • Italy’s FTSE MIB, +0.2%
For the week, the indices closed higher:
  • German DAX, +2.3%
  • France’s CAC, +1.9%
  • UK’s FTSE 100, +3.15%
  • Spain’s Ibex, +1.8%
  • Italy’s FTSE MIB, +3.1%
In the European debt market, the benchmark 10 year yields are mostly and modestly higher. The exception is the Italian 10 year which is trading down -1.5 basis points.
European debt market
In other markets as European/London traders look toward the exits for the week:
  • spot gold is trading at $13.50 or 0.75% $1810.70. The high price extended to $1811.11 the low has reached $1795.96
  • WTI crude oil futures are trading down $0.27 or -0.66% of $40.48. The high for the August contract reached $40.90 while the low extended to $40.02. The September contract is currently trading down $0.27 or 0.66% at $40.66
In  the US equity market, the major indices are trading mixed. The Dow industrial average is down on the day while the S&P and NASDAQ index are currently trading in the black
  • S&P index is up 3.25 points or 0.10% at 3218.81
  • NASDAQ index is up 11.5 points or 0.11% at 10,485.25
  • Dow industrial average is trading down 43.12 points or -0.16% at 26691.40
In the US debt market the yields are trading near unchanged across the curve:
  • 2 year 0.143, -0.2 basis points
  • 5 year 0.278%, +0.3 basis points
  • 10 year 0.618%, +0.1 basis point
  • 30 year 1.314%, +0.6 basis points
A look at the strongest and weakest currencies at the close of the London session shows the CHF is the strongest and the GBP is the weakest.  The US dollar is mostly lower.
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