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European shares end with modest declines


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Yields are mostly lower

The major European shares are ending with declines with Spain the biggest loser.   
The provisional closes are showing:

  • German DAX, -0.05%
  • France’s CAC, -0.2%
  • UK’s FTSE, -0.2%
  • Spains Ibex -1.1%
  • Italy’s FTSE MIB, -0.3%

In the 10 year debt market, the benchmark yields are lower.
Italian yields are down the most after soaring last week on the near collapse of the government.   Helping was that Fitch kept the rating at BBB on Friday.  Also, a plan by the far-right League to call a no-confidence vote, and force an early election, is running into some resistance.  The combination is leading to a retracement lower in yields today.  
In other markets as London/European traders look to exit:

  • Spot gold is up $13.17 or 0.88% at $1505.40
  • WTI crude oil futures are trading unchanged at $54.49 in a down and up session (low $53.54. High at $55.18)

US stock are off lows but has stayed in the red for the day on global growth fears, increased tension in Hong Kong, and US/China trade concerns:

  • S&P index -20.16 points or -0.69% 2898.60
  • Nasdaq -41 points or -0.52% 7917.35
  • Dow -232 points or -0.80% at 26056

US yields are sharply lower

  • two year 1.579%, -6.7 basis points
  • five year 1.499%, -8.0 basis points
  • 10 year 1.662%, -8.2 basis points
  • 30 year 2.170%, -8.8 basis points

The GBP remains the strongest of the major currencies with the CHF right behind it. The AUD remains the weakest of the majors. The USD is dipping lower in the NY session vs the major currencies.

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