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European equity markets finish the week with gains greater than 10%

  
Analysis, Global Indices
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Massive week for European stock markets

Closing changes for the main bourses:
  • German DAX +3.4%
  • UK FTSE 100 +2.2%
  • Italy MIB +2.7%
  • French CAC +3.5%
  • Spain IBEX +4.2%
On the week:
  • German DAX +9.1%
  • UK FTSE 100 +6.6%
  • Italy MIB +10.9%
  • French CAC +10.4%
  • Spain IBEX +10.9%
When tack on a 2% rally in EUR/USD the gains look even better. With gains like this you can see why money is flowing into the euro.
The run in Italian stocks has been spectacular:
Italy MIB chart

European shares end the session lower

  
Analysis, Global Indices
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But off lowest levels for the day

The major European indices are ending the session lower, but off the lowest levels of the day. The provisional closes are showing:
  • German DAX, -1.4%
  • France CAC, -1.2%
  • UK’s FTSE, -0.8%
  • Spain’s Ibex, unchanged
  • Italy’s FTSE MIB, -0.8%
In the debt market, the benchmark 10 year yields are ending the session lower. With the UK yield down -5.5 basis points.
But off lowest levels for the day_

European shares end sharply lower on the day on global growth concerns

  
Analysis, Global Indices
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Coronavirus hurting major indices

European major indices are ending sharply lower on the back of global growth concerns as a result of the coronavirus.  The provisional closes are showing:
  • German DAX, -2.6%
  • France’s CAC, -2.7%
  • UK’s FTSE 100, -2.32%
  • Spain’s Ibex, -1.9%
  • Italy’s FTSE MIB -2.2%

In the European debt markets, yields are ending sharply lower with Italy leading the way after regional elections turned back attempts from Salvini’s attempt to bring national politics more to the right (and away from the EU).  Investors flocked into the Italian debt instruments.

European yields are sharply lower with Italy leading the way

In other markets as European/London traders look to exit are showing:
  • spot gold up $10.70 or 0.68% $1582.25
  • WTI crude oil futures are down $1.56 4-2.86% at $52.64. That is off the low $52.13.  Brent crude oil futures are down $1.77 or 2.9% at $58.93. It’s low reached $58.50

European shares get a lift in trading today

  
Analysis, Global Indices
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Spain’s Ibex is the exception as they sort through the political uncertainty

The major European stock indices are ending the day higher. They got a boost from the Trump administration saying tariffs on European auto imports would be delayed 6 months.
The provisional closes are showing:
  • German DAX, +0.75%
  • France’s CAC, +0.58%
  • UK’s FTSE 100, +0.65%
  • Spain’s Ibex, -0.8%
  • Italy’s FTSE MIB, +1.24%
  • Portugal’s PSI 20, +0.18%

European shares end the day (and the week) with solid gains

  
Analysis, Global Indices
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Global hope on Brexit and a US/China deal

The major European indices are ending the day (and the week) with solid gains. The provisional closes are showing:
  • German DAX, up 2.7%. That is the best day cents January 4
  • France’s CAC, up 1.7%
  • UK’s FTSE, up 0.7%
  • Spain’s Ibex, up 1.7%
  • Italy’s FTSE MIB, up 1.8%
For the week, the major indices are also ending with decent games.  Provisional changes for the week are showing:
  • German DAX, +4.1%
  • France’s CAC, +3.2%
  • UK’s FTSE, +1.22%
  • Spain’s Ibex, +3.28%
  • Italy’s FTSE MIB, +3.1%

In the European debt market, the benchmark 10 year yields are mostly higher with UK yields soaring by 12.1 basis points on hopes for a Brexit deal.

UK yields have soared by 12.1 basis points today
Looking at the yield chart for the 10 year in the UK, the yield moved above its 100 day moving average today for the 1st time since little looks above in April and May (that failed).  The last extended time above the 100 day MA was back in November 2018 (at much higher levels).
The UK 10 year yield

European equity close: France leads a rebound but UK falls

  
Analysis, Global Indices
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Closing changes for the main bourses:

  • UK FTSE 100 -0.5%
  • French CAC +0.6%
  • Italy MIB +0.4%
  • Spain IBEX +0.2%
Germany was holiday today for the national day of unity.
I have been keeping a close eye on the CAC-40 this week because the reversal Tuesday was the first sign of global trouble. It was the leader today but the bounce still pales in comparison to the fall on Tues-Wed.
Closing changes for the main bourses:

European equity close: Solid close to wrap up a great week

  
Analysis, Global Indices
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Closing changes for the main European equities

  • UK FTSE 100 +0.4%
  • German DAX +0.6%
  • French CAC +0.3%
  • Italy MIB +0.4%
  • Spain IBEX +0.9%
On the week:
  • UK FTSE 100 +1.3%
  • German DAX +2.3%
  • French CAC +1.1%
  • Italy MIB +1.1%
  • Spain IBEX +1.7%
Given the gains in the euro and (especially) the pound on the week, the performance was particularly impressive.
The FTSE 100 is right at the 55-day moving average:
Closing changes for the main European equities

European equity close: Italy leads the slump on election worries

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

  • UK FTSE 100 -0.5%
  • German DAX -1.3%
  • French CAC 40 -1.1%
  • Italy MIB -2.5%
  • Spain IBEX -1.2%
On the week:
  • UK FTSE 100 -2.3%
  • German DAX -1.5%
  • French CAC 40 -0.8%
  • Italy MIB -3.5%
  • Spain IBEX -1.7%

It was a rough week for European stocks but it’s not as quite as bad as it looks (in dollar terms at least) because the euro made some headway. Still, too many of the numbers that have been coming out of Europe have been pointing in the wrong direction.

European shares little changed to end the week

  
Analysis, Global Indices
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Major indices lower on the week

The major European indices are in the week little changed. For the week, there are modest declines.

The provisional closes for today are showing:

  • German DAX, -0.1%
  • France’s CAC, +0.3%
  • UK’s FTSE, -0.1%
  • Spain’s Ibex, +0.35%
  • Italy’s FTSE MIB, unchanged
For the week, most indices are ending lower:
  • German DAX, -1.95%
  • France’s CAC, -0.44%
  • UK’s FTSE, -0.63%
  • Spain’s Ibex, -0.40%
  • Italy’s FTSE MIB, +1.1%
Looking at the hourly chart of the German Dax below, the index traded below its 50 hour MA on Monday, below the 100 hour MA (blue line) on Tueday and felll below its 200 hour MA (green line) yesterday. Today, that 200 hour MA was a lid for the brief ralllies.
On the downside, the 38.2% at 12260.52 is the next target.

European shares end mostly in the red

  
Analysis, Global Indices
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German Dax down -0.85%

The European major stock indices are closed and the provisional closes by pointing mostly to the downside:
  • German DAX, -0.85%
  •  France’s CAC, -0.3%
  • UK’s FTSE, -0.1%
  • Spain’s Ibex, -0.1%
  • Italy’s FTSE MIB, -0.41%
Over the last 24 hours, BASF, the large German chemical company gave an earnings warning blaming what weakness and US-China trade war.  They do not see the situation improving in the 2nd half of 2019. The German economy saw factory orders fall on Friday.  Daimler cut its profit outlook for the 3rd time in a year.  Deutsche Bank announced yesterday that it would cut 18,000 jobs globally in a restructuring play to save the bank.
In the European debt market, the benchmark 10 year yields are ending the session mixed with German, France and UK rates higher, while the riskier Spain, Italy and Portugal yields saw investor demand (lower yields).
German Dax down -0.85%
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