Erase gains from yesterday’s trading
Yesterday, European shares moved to the upside with gains between 0.1% (UK FTSE 100) and 1% (German DAX).
Today the major indices are ending the day lower across the board. The provisional closes are showing:
- German DAX, -0.7%
- France’s CAC, -0.7%
- UK’s FTSE 100, -0.6%
- Spain’s Ibex, -0.6%
- Italy’s FTSE MIB, -1.0%
In the European debt market, the benchmark 10 year yields reversed earlier declines and are currently trading up 0.2 basis points to up 3.8 basis points:
In other markets:
- Spot gold has run lower as yields moved higher. The price is currently down $32 or -1.65% at $1922.40
- Spot silver is also reversing lower and currently trades down $0.56 or -2.06% at $26.93.
- WTI crude oil futures are down $0.43 or -0.98% $42.97
In the US stock market, the S&P index traded above the 3500 level for the 1st time ever. The Dow industrial average is currently trading positive for the 1st time since February.
- S&P index is up 18.1 points or 0.52% at 3496.90
- NASDAQ index is up 46 points or 0.4% at 11711.96
- Dow industrial average is up 244 points or 0.86% at 28576.64. The closing level from end of 2019 comes in at 28,538.44.
Finally US yields have reversed higher with the 10 year up 4.7 basis points and the 30 year up 7.4 basis points. The 2 – 10 year spread is also higher by 4.34 basis points at 58.14 basis points. Earlier this week the yield spread was testing/dipping below the 50.0 level.