European stocks end mostly higher. Spain’s IBEX the laggard.


Modest gains for most. 10 year yields lower

The European major stock indices are closing mostly higher with the exception of the Spanish IBEX.

  • German DAX rose 0.45%
  • France’s CAC rose 0.16%
  • UK’s FTSE rose 0.12%
  • Spain’s Ibex fell -0.16%
  • Italy’s FTSE MIB rose 0.44%
  • Portugal’s PSI 20 rose 0.45%

In the 10 year note sector yields were lower today:

  • Germany 0.47%, -1.7 basis points
  • France 0.837%, -4.3 basis points
  • UK 1.36%, -4.1 basis points
  • Spain 1.41%, -4.1 basis points
  • Italy 2.806%, -5.5 basis points
  • Portugal 1.945%, -4.1 basis points

Tomorrow the ECB could start the process of unwinding QE buying.

In other markets as London/European traders look to exit:

  • spot gold is trading up $2.60 or 0.20% at $1298.62
  • WTI crude oil futures got a boost from a surprise drawdown in inventories. It is trading up $.23 or 0.35% at $66.59. The high extended to $66.85 before moving back down
  • Bitcoin is down $104 and $6433. The price is trading just below the April low of $6450. The low for 2018 came on February 6 at $5873

In the forex market, the snapshot of the strongest and weakest currencies is showing the USD has moved to the weakest currency of the day ahead of the US FOMC rate decision and press conference.  The NZD, AUD and CAD are attracting “risk on” bids – or so it seems (it could also be some profit taking in those pairs too).

In the US stock market:

  • S&P indexes up 3.25 points or 0.12% at 2790.10
  • NASDAQ is up 42.74 points or 0.56% at 7746.48
  • Dow industrial average is up 11.87 points or 0.05% at 25,331.52

US yields moved briefly higher after the better-than-expected PPI data, but has moved back in the red (albeit small declines).

  • 2 year 2.54%, -0.2 basis points
  • 5 year 2.804%, -0.5 basis points
  • 10 year 2.952%, -0.9 basis points
  • 30 year 3.079%, -1.4 basis points

 



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