European major indices closing higher on the day but lower on the week
The major European indices are closing sharply higher on the day, but it wasn’t enough to erase declines for the week. For the day:
- German Dax, 3.66%
- Francis CAC +3.54%
- UK’s FTSE 100 +3.91%
- Spain’s Ibex +3.5%
- Italy’s FTSE MIB +3.5%
For the trading week:
- German Dax, -3.3%
- Francis CAC -2.56%
- UK’s FTSE 100 -0.33%
- Spain’s Ibex -1.04%
- Italy’s FTSE MIB -2.87%
Looking at the daily chart of the German Dax, the price decline this week so the index moved down some -15.24% from its November 2021 high.
A quick look around the market as London/European traders look to exit:
- spot gold is trading down $18 or -0.96% at $1885
- WTI crude oil is trading down $1.52 at $91.32
- Bitcoin is trading up around $1000 at $39,395
US stocks are trading at their highest levels for the day
- Dow industrial average is up 735 points or 2.21% at 33958
- S&P index is up 87 points or 2.03% at 4375.74
- NASDAQ index is up 194 points or 1.44%
- Russell 2000 is up 30.62 points or 1.53% at 2025.97
In the US debt market, yields are higher with the two year up at 1.605%. The high-yield this week reached 1.640%.
The 10 year is up 1.4 basis points of 1.9860%. The high yield for the 10 year reach 2.016%.