Sharp declines are retraced
The major European stock indices staged a big recovery off of the low levels. The major indices are closing higher on the day.
The provisional closes are showing:
- German DAX, +0.9%
- France's CAC, +1.5%
- UK's FTSE 100, +1.5%
- Spain's Ibex, +0.2%
- Italy's FTSE MIB, +0.8%
What was the damage at the lows? How low was the lows for each of the major indices?
- German DAX was down -3.53% at the low
- France's CAC was down -3.07% at the low
- UK FTSE was down -3.25% at the low
- Spain's Ibex was down -2.64% the low
- Italy's FTSE MIB was down -2.37% at the low
In the European debt market, the benchmark 10 year yields tumbled, and outpaced the decline in the US 10 year (-6.7 basis points). Central banks are busy buying debt instruments and the ECB is certainly one of them. Spain's 10 year yield fell -30.1 basis point and was the biggest mover on the day:
In other markets as London/European traders look to exit:
- gold is trading up $14.35 or 0.89% at $1631.35
- WTI crude oil futures are trading down $1.17 or -4.74% at $23.34
in the US stock market trading remains volatile, but sharply higher:
- S&P index is up 119 points or 4.8% at 2595
- NASDAQ index is up 297 points or 4.03% at 7681.46
- Dow is up 1127 points or 5.3% at 22331.
In the US debt market, yields are lower with the yield curve flattening about 1 basis point:
In the forex market, the USD is getting hammered today with the greenback losing ground versus all the major currencies. It is doing the best versus the Canadian dollar at -0.9% and the worst versus the GBP at -2.2% on the day.
