Coronavirus hurting major indices
European major indices are ending sharply lower on the back of global growth concerns as a result of the coronavirus. The provisional closes are showing:
- German DAX, -2.6%
- France's CAC, -2.7%
- UK's FTSE 100, -2.32%
- Spain's Ibex, -1.9%
- Italy's FTSE MIB -2.2%
In the European debt markets, yields are ending sharply lower with Italy leading the way after regional elections turned back attempts from Salvini's attempt to bring national politics more to the right (and away from the EU). Investors flocked into the Italian debt instruments.
In other markets as European/London traders look to exit are showing:
- spot gold up $10.70 or 0.68% $1582.25
- WTI crude oil futures are down $1.56 4-2.86% at $52.64. That is off the low $52.13. Brent crude oil futures are down $1.77 or 2.9% at $58.93. It's low reached $58.50
US stocks are sharply lower but off the lowest levels:
- S&P index -45.7 points or -1.39% at 3249.50
- NASDAQ index -163.5 points or -1.76% at 9151.64
- Dow down -402 points or -1.38% at 28589
US yields are also sharply lower on flight to safety flows. The yield curve is also flatter with the 2-10 year spread down to 16.45 basis points from 18.92 basis points on Friday.
