Even a lower pound does not help the record setting FTSE today
The European stocks are ending the session with sharp declines.
- German Dax fell -1.5%
- France's Cac fell -1.3%
- UK FTSE which has been closing at new highs this week, could not escape a fall either. It fell -1.2%
- Spain's Ibex fell -1.1%
- Italy's FTSE MIB fell
- Portugal's PSI20 fell -1.55%
In the 10 year sector, the Italian BTPs continued the run higher in yields today as investors are shunning the political risk. The other major countries yields fell.
- Germany 0.502%, down 5 bps
- France 0.806%, down -2.6 bps
- UK 1.438%, down -8.4 bps
- Spain 1.428%, down -3 bps
- Italy 2.388%, up 6 bps
- Portugal 1.941%, down -2.1 bps
A snapshot of other markets, as London/European traders look to exit are showing:
- Spot gold up $1.78 or 0.14% at $1293. The high kept below the $1300 level at $1298.90
- WTI crude oil is lower after a surprise build in inventories. The July contract is trading down -$0.75 or -1.00% at $71.50. The low extended to $71.19. Although lower, staying above $70 keeps the buyers content.
- Bitcoin on Coinbase is trading near session lows at $7687 (the low is $7682). That is down -$426 and trades at the lowest level since April 12th.
The US stocks are lower but the S&P is holding above the 100 day MA still:
- S&P is down -9.14 points or -0.34% at 2715. The low reached 2709.54. The 100 day MA is at 2709.88. Key level on a closing basis.
- Nasdaq is down -12.2 points or -0.16% at 7366. The low reached 7334.617.
- Dow is down -121 points at 24712. The low reached 24684.
In the US debt market, yields are lower:
- 2 year 2.560%, -0.8 bps
- 5 year 2.852%, -4.5 bps
- 10 year 3.01%, -5.0 bps
- 30 year 3.163%, down 4.1 bp
Finally in the forex market, the JPY remains the strongest currency but is off the high levels from the NY start of day. The GBP and the EUR are tied for the weakest. The GBP has recovered some of the earlier NY session losses.
That's the run down of the markets as London/European traders exit.
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