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European equity close: Soft start to the new month

  
Analysis, Global Indices
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Rough week for equity markets:

  • UK FTSE 100 -1.0%
  • German DAX -0.9%
  • French CAC -0.4%
  • Spain IBEX +0.2%
  • Italy MIB -0.7%
On the week:
  • UK FTSE 100 -0.3%
  • German DAX -2.3%
  • French CAC –1.8
  • Spain IBEX -0.9%
  • Italy MIB -1.3%
The good news is that European equities finished off the lows and now US stocks are beginning to run to the upside. Here’s a look at the daily DAX and it shows how we broke the summer lows earlier today before closing back above them.
German DAX

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

Eurostoxx futures -1.2% in early European trading

  
Analysis, Global Indices
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Risk on the defensive in early trades

  • German DAX futures -1.2%
  • UK FTSE futures -1.2%
  • Spanish IBEX futures -0.9%
There is some slight catching up involved to the declines in US stocks yesterday but for the most part, this reflects the defensive and sluggish sentiment today as well.
US futures are also marked lower, with S&P 500 futures down 0.4%, Nasdaq futures down 0.7%, and Dow futures down 0.2% to get things started on the session.
Major currencies are little changed but if the defensive posture keeps up, we may see some risk aversion flows start to seep in later in the day.

Eurostoxx futures +0.7% in early European trading

  
Analysis, Global Indices
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Some catch up play for Europe going into the open

  • German DAX futures +1.1%
  • UK FTSE futures +0.6%
  • Spanish IBEX futures +0.6%
After the more upbeat mood in US equities yesterday, European indices have some catching up to do following the Easter break since last Friday.
The early gains belie the more measured risk mood so far today though, with US futures pulling back slightly after yesterday’s stellar advance. S&P 500 futures and Dow futures are down 0.2% while Nasdaq futures are keeping flatter with Treasury yields a touch lower.
That is keeping the dollar steadier and major currencies little changed so far on the day.

Eurostoxx futures +0.7% in early European trading

  
  Global Indices
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A bit of catch-up play in early trades

  • German DAX futures +0.6%
  • UK FTSE futures +0.8%
  • Spanish IBEX futures +0.4%
European indices close the day near the lows yesterday, down by over 2% across the board, missing out on the late recovery in US equities towards the latter stages.
Hence, the gains here are largely due to some catch-up play and belies the more tepid and cautious risk mood to kick start the session.
US futures aren’t doing a whole lot, with S&P 500 and Nasdaq futures keeping at flat levels at the moment. Major currencies are also mostly little change besides some mild strength in the yen, with AUD/USD seen a little weaker under its 100-day moving average.

European shares and the day with solid gains

  
  Analysis
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German Dax up 1.9%. UK FTSE 100 up 2.3%

The major European indices are ending the day with solid gains led by the UK’s FTSE 100.
The provisional closes are showing:
  • German DAX, +1.9%
  • France’s CAC, +1.7%
  • UK’s FTSE 100, +2.3%
  • Spain’s Ibex, +1.5%
  • Italy’s FTSE MIB, +1.8%

In the European debt market, the benchmark 10 year yields are ending the day mixed results. The UK and Spain yields are down marginally while Germany, France, Italy are marginally higher.

Eurostoxx futures +0.7% in early European trading

  
  Analysis
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Optimistic tones observed in early trades

  • German DAX futures +0.9%
  • UK FTSE futures +0.9%
  • Spanish IBEX futures +0.6%

European indices ended yesterday more mixed in another somewhat disappointing session, but the late gains seen in US stocks is giving risk buyers another shot in trading today.

This sets up a firmer open for equities later but that isn’t quite translating into much for the major currencies space as the focus remains on the dollar, as it meets some key technical crossroads going into the session ahead.

European shares close lower and give up earlier gains

  
  Analysis
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Major indices down across the board

The European shares are closing lower on the day after trading higher earlier. The provisional closes are showing:

  • German DAX, -0.5%. The high reached +1.0%
  • France’s CAC, -0.8%. The high reached 0.59%
  • UK’s FTSE 100, -1.0%. The high reached 0.57%
  • Spain’s Ibex, -0.8%. The high reached 1.06%
  • Italy’s FTSE MIB, -0.6%. The high reached 1.05%

European shares rise. German Dax (major indices) up for the 4th consecutive day

  
Analysis, Global Indices
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Run to the upside continues

The European shares are closing higher for the day. The German DAX, France’s CAC, UK FTSE 100 has now moved higher for 4 consecutive days.
A look at the provisional closes shows:
  • German DAX, +1%
  • France’s CAC, +1%
  • UK’s FTSE 100, +2.2%
  • Spain’s Ibex, +0.4%
  • Italy’s FTSE MIB, +1.0%

As London/European traders look to exit, the CHF remains the strongest. The JPY has taken over as the weakest of the majors.  The USD has moved lower in the NY session (compared to opening levels). It is now mostly lower with declines vs. the CHF, EUR, CAD, AUD and NZD and gains only vs the JPY. It is back to unchanged vs the GBP after being higher vs the pound at the start of the day.

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%
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