The major European stock indices are closing higher the one exception being the Italy's FTSE MIB. The gains are led by the German Dax, France's CAC, and UK's FTSE 100.
The provisional closes are showing
- German DAX, +0.9%
- France's CAC, +1.0%
- UK's FTSE 100, +1.0%
- Spain's Ibex, +0.3%
- Italy's FTSE MIB,- 0.8%
Looking at the France's CAC index, on the daily chart, the price low has been able to stall ahead of its 100 day moving average over the last two trading days. Hopes in track gives dip buyers some comfort that gives dip buyers some comfort.
In January, the price low stalled ahead of its 200 day moving average. The price has not traded below the 200 day moving average since November 2020 (see chart below).
In the European debt market, the benchmark 10 year yields are trading higher but off their highest levels of the day. The Italy's 10 year yield moved as high as 1.901%. It is currently trading back down to 1.804%. The German 10 year yield moved as high 0.25% but is back trading at 0.221%.
