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 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.
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.
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%
The major European indices are ending the day lower. The provisional closes are showing:
German DAX, -0.54%
France’s CAC, -1.28%
UK’s FTSE 100, -0.96%
Spain’s Ibex, -1.42%
Italy’s FTSE MIB, -0.74%
The 10 year yields showed meaningful moves to the downside. Italian yields fell the most at -5.7 basis points. German yields declined by -3.3 basis points
In other markets as London/European traders look to exit:
spot gold continues its move to the upside with a gain of $19.60 or 1.07% at $1861.50. Sobers doing even better with a $1.09 gain or 5.13% to $22.39.
WTI crude oil futures for September delivery are down $0.57 or -1.36% at $41.35. Inventory data confirmed the private data with a build of 4.892M barrels. The expectations was for a -2.2M draw.
In the US stock market the major indices are mixed:
S&P index is up 4.9 points or 0.15% at 3262.69
NASDAQ index is down -1 point or -0.1% at 10679.30
Dow industrial average is up 82 points or 0.31% at 26923.
In the forex market, the EUR is the strongest while the JPY is the weakest of the majors. The US dollar is down vs. all the major currencies with the exception of the JPY. It is near unchanged vs. the GBP and has recovered losses of around 90 basis points at the London morning session lows.
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%.