The major European indices are ending the week today with moves to the downside. However, for the week, share prices are higher. A snapshot of the closing levels today shows:
German DAX, -0.82%France’s CAC, -0.92%UK’s FTSE 100 -0.38%Spain’s Ibex -0.94%Italy’s FTSE MIB -1.11%.
For the trading week:
German DAX, +1.97%France’s CAC +1.73%UK’s FTSE 100 +1.34% Spain’s Ibex +0.26%Italy’s FTSE MIB +1.15%
Not a great day but not about week for the major European indices.
Having said that, the German DAX had a chance to close a week at a record level but failed. The previous high close was at 24,304. The index today closed at 24,255.32.
The UK FTSE 100, however, is closing the week at a new record at 8941.13.
BTW… No letter on the EU tariffs yet, but expect it.
As London/European traders exit for the week, US stocks are lower:
Dow industrial average is down -343 point or -0.77% at 44311. For the trading week the Dow is down -1.15%S&P index is down -22.57 points or -0.36% at 6257.99. Despite making new record highs this week, the index is now down -0.34% for the trading week.NASDAQ index is down -14.19 points or -0.07% at 20616.88. For the trading week the index is up 0.08% after it too made new record highs.
US yields moving higher have been a drag on US stocks:
2-year yield 3.899%, +3.2 basis points.5-year yield 3.981%, +5.0 basis points10 year yield 4.415%, +6.9 basis points30 year yield 4.948%, +8.5 basis points.
For the trading week,
2-year yield, +1.6 basis points5-year yield, +4.1 basis points10 year yield, +6.5 basis points30 year yield +8.6 basis points
This article was written by Greg Michalowski at www.forexlive.com.