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German Dax up 1.2%, France’s CAC up 1.0%
The major European indices are starting the week with gains across the board. Each of the major indices are higher.
The provisional closes are showing:
- German DAX, +1.2%
- France’s CAC, +1.0%
- UK’s FTSE 100, +0.8%
- Spain’s Ibex, +1.2%
- Italy’s FTSE MIB, +0.9%
In other markets as European/London traders look to exit
- spot gold is trading up $15.44 or 0.81% at $1915.15
- spot silver is currently trading up $0.60 or 2.55% at $24.34
- WTI crude oil futures are trading up $2.50 or 6.72% at $39.53
In the US stock market, the NASDAQ index is leading with the way to the upside with a 1.7% gain. The other indices are also up by solid amounts:
- S&P index up 46 points or 1.37% at 3394.45
- NASDAQ index +188 points or 1.7% 11263.65
- Dow industrial average up 360 points or 1.3% 28043.40
In the US debt market yields are higher with the yield curve steepening. This week the treasury will auction off 3 year, 10 year and 30 years notes/bonds starting on Tuesday ($52 of 3-year, $35B of 10 year and $23B of 30 year) and that may be leading to some yield concession ahead of those auctions. The risk on flows has also taken some of the flight to quality flows out of the treasuries today.
- 2 year 0.138%, +0.9 basis points
- 5 year 0.311%, +2.5 basis points
- 10 year 0.746%, +4.6 basis points
- 30 year 1.551%, +6.4 basis points
In the forex market, the EUR is the strongest of the majors, while the JPY is the weakest. The USD has moved lower in the NY session and is down down vs the EUR, GBP, CHF, CAD and AUD. It is higher vs the JPY (and near unchanged vs the NZD).