Run to the upside continues
The European shares are closing higher for the day. The German DAX, France's CAC, UK FTSE 100 has now moved higher for 4 consecutive days.
A look at the provisional closes shows:
- German DAX, +1%
- France's CAC, +1%
- UK's FTSE 100, +2.2%
- Spain's Ibex, +0.4%
- Italy's FTSE MIB, +1.0%
As London/European traders look to exit, the CHF remains the strongest. The JPY has taken over as the weakest of the majors. The USD has moved lower in the NY session (compared to opening levels). It is now mostly lower with declines vs. the CHF, EUR, CAD, AUD and NZD and gains only vs the JPY. It is back to unchanged vs the GBP after being higher vs the pound at the start of the day.
In other markets:
- spot gold continues its move to the upside. It is currently up $31 or 1.62% at $1942.80. The high price reached $1949.40. At the start of the New York session the price was near and $1931
- spot silver is up $1.05 or 4.25% at $25.84. That is up from $25.25 at the start of the New York session
- WTI crude oil futures are currently trading up $0.62 or 1.49% at $42.23. The price was at $42.57 at the start of the New York session. The inventory data showed a bigger than expected drawdown of 4512K vs. 2200K estimate, but has not seen follow through buying on the lower inventories
US yields remain higher. The treasury will auction off $38 billion of 10 year notes at 1 PM ET:
- 2 year 0.156%, +0 point basis points
- 5 year 0.2976%, +2.2 basis points
- 10 year 0.6797%, +3 point basis points
- 30 year 1.375%, +4.6 basis points
The broader US indices trade near high levels with the NASDAQ index up over 2%. The S&P index is getting closer to the high is close level at 3386.15.
- S&P index up 44.16 points or 1.33% at 3377.84. The high price reached 3381.45
- NASDAQ index up 220 points or 2.05% at 11004. The high price reached 11005.86
- Dow industrial average up 235 points or 0.85% at 27920.53. The high price reached 27994.05
