The major European indices are piggybacking on the better-than-expected US CPI data and subsequent risk-on a flows. Gains of well over 1% are seen across the major indices.
Looking at the closing levels:
- German DAX, +1.5%
- Frances CAC, +1.64%
- UK's FTSE 100 +1.91%
- Spain's Ibex +1.37%
- Italy's FTSE MIB (delayed 10 minutes), up 1.9%
Benchmark 10 year yields are lower in Europe as well:
- Germany -9.7 basis points
- France -9.7 basis points
- UK -14.0 basis points
- Italy -13.3 basis points
- Spain -10.5 basis points.
As European traders look to exit, US stock indices are also higher but less so than European indices:
- Dow industrial average is up 230.11 points or 0.67% at 34492.46
- S&P index is up 39.31 points or 0.88% at 4478.21
- NASDAQ index is up 152.60 points or 1.10% at 13912
In the US debt market, yields are lower with the shorter end leading the way:
- 2-year yield 4.733% -16.2 basis points
- 5-year yield 4.076% -16.2 basis points
- 10-year 3.865% -11.7 basis points
- 30-yeah year 3.965% -5.6 basis points
The U.S. Treasury will auction off 10-year notes at 1 PM ET.