Solid gains once again for the major indices

The European shares are closing higher for the 4th consecutive day. The gains are led by Spain’s Ibex and Italy’s FTSE MIB which are up over 2%.

The provisional closes are showing

  • German DAX, +1.9%
  • France CAC, +1.2%
  • UK’s FTSE 100, +0.3%
  • Spain’s Ibex, +2.0%
  • Italy’s FTSE MIB, +2.0%

The European debt market, the benchmark 10 year yields are mixed with Italy and Spain yields down, and German, UK and Portugal yields up. The French 10 year yield is unchanged on the day.

In other markets as European traders look to head for the exits:
  • Spot gold is surging. The price is currently up $43 or 2.28% at $1946.32.
  • Spot silver is also up sharply. It is currently up 100 and $0.11 or 4.64% at $25.01
  • WTI crude oil futures trading down $0.43 or -1.12% at $38.71

A snapshot of the forex market has seen the AUD move to the strongest of the majors. The USD remains the weakest of the majors.

The US dollar is the weakest

In the US stock market, the major indices are sharply higher:

  • S&P index is up 73.59 points or 2.13% 3516.82
  • NASDAQ index is up 281.75 points or 2.43% at 11873.32
  • Dow industrial average is up 547.5 points or 1.97% at 28395.89

US yields moved higher after trading lower overnight:

  • 2 year 0.152%, +0.7 basis points
  • 5 year 0.338%, +1.1 basis points
  • 10 year 0.783%, +2.0 basis points
  • 30 year 1.555%, +1.4 basis points

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