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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%.

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.

European shares end the session with mixed results

  
Analysis, Global Indices
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Italy and Portugal indices move higher

the major European indices are ending the session with mixed results. Germany, France, UK and Spain show declines while Italy and Portugal eked out gains. The closes are showing:

  • German DAX, -0.43%
  • France’s CAC, -0.42%
  • UK’s FTSE 100, -0.62%
  • Spain’s Ibex, -0.2%
  • Italy’s FTSE MIB, +0.3%
  • Portugal’s PSI 20, +0.95%
Italy and Portugal indices move higher_
In the European debt market, benchmark 10 year yields fell across the board with UK yields down the most at -2.8 basis points.
European 10 year yieldsIn other markets as London/European traders look to exit:
  • spot gold $-4.25 or -0.23% $1806.05. The high for the day reached $1813.48. The low extended to $1802.97
  • WTI crude oil futures fell $0.19 or -0.46% to $41.01. It’s high price reached $41.18 while the low extended to $40.60. The September contract is currently down $0.21 or -0.51% of $41.19
In the forex market,
  • GBPUSD. The GBPUSD is trading at new session highs in the currently hourly bar. In the process, the price has moved back above its 200 and 100 hour moving average. That tilted the bias back to the upside in what has been an up and down market over the last 7 or so trading days. On the topside a trendline connecting highs from this we currently comes in at 1.2634. The high from yesterday reached 1.26487. The high for the week on Monday reached 1.26652.
  • EURUSD: The EURUSD moved higher in the London session after finding support buyers near the 38.2% retracement of the move up from the Friday low at 1.13759. The high price reached 1.1441. The high price from yesterday reached 1.14512. There is close support at 1.14223 area

European shares end the session with declines

  
Analysis, Global Indices
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UK FTSE outperforms

The European shares are ending the session with declines.  The UK FTSE 100 the better than others on the GBPs weakness.
The provisional closes are showing:
  • German DAX, -1.06%
  • France’s CAC, -1.25%
  • UK’s FTSE 100, -0.10%
  • Spain’s Ibex, -1.02%
  • Italy’s FTSE MIB, -0.7%
In the European debt debt market, the benchmark 10 year yields are ending lower across the board. Declines range from -2.7 basis points to -3.6 basis points:
UK FTSE outperforms_

In other markets as European traders look to exit:

  • spot gold is trading up $6.05 or 0.34% at $1808.82. The low extended to $1790.79. The high for the day is near current levels at $1809.74
  • WTI crude oil futures are trading up $0.31 or 0.77% at $40.41 for the August contract. The September contract is also higher by $0.33 or 0.82% at $40.65
In the US stock market the Dow industrial average outperforms while the NASDAQ index get whipped around and volatile trading. The current snapshot shows
  • S&P index up 12.8 points or 0.41% at 3168.16
  • NASDAQ index down 2.6 points or -0.02% at 10391.16
  • Dow industrial average up 288 points or 1.11% at 26374
The NASDAQ index has whipped around in with the low falling -2.01%. The high extended up 0.42%.  The point range is around 250 points from low to high.

UK government announces ban to Huawei from the country’s 5G networks

  
  Analysis
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Confirmation by UK culture minister, Oliver Dowden

Huawei
  • Telco companies to be barred from buying Huawei equipment from 2021
  • UK pledges to remove Huawei equipment by 2027
  • Huawei ban will delay, add costs to 5G rollout
  • The requirement will be set out in law

Dowden is alluding to the fact that US sanctions have made it hard to come to a decision to continue dealing with Huawei, but this just adds to the divide between the UK and China as well amid the recent Hong Kong row.

But in any case, this will also just heighten tensions between China and the US, UK further.
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