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European shares end with solid gains

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Major indices rise by over 1% on the day

The European major indices are ending with solid gains, with nearly all major indices rising by greater than 1% on the day.  Provisional closes are showing:

  • German DAX, +1.7%
  • France’s CAC, +1.1%
  • UK’s FTSE, +1.56% (biggest one-day gain since September 21)
  • Spain’s Ibex, +1.2%
  • Italy’s FTSE MIB, +1.41%
  • Portugal’s PSI 20 did not quite make it to +1%. It rose 0.63% on the day 

In the benchmark 10 year notes, yields are mixed with Italian yields moving sharply lower (down -13.8 bps).  German yields are higher by 2.3 bps.  The German/Italian 10 year spread has come in to 310.6 bps from 326.7 bps yesterday.

A snapshot of other markets as European/London traders look to exit is showing:

  • spot gold up $6 or 0.5% at $1227.60
  • WTI crude oil futures are up $1.92 or 3.59% at $55.38.  That was despite a larger than expected build of 4851K vs 3450K expected

In the US stock market, buyers are sticking a toe in the bearish water today:

  • S&P indexes up 26.65 points or 1.01% at 2668.57
  • NASDAQ indexes up 110.87 points or 1.61% at 7019.93
  • Dow industrial average is up 152 points or 0.62% 24619

In the US debt market, yields are higher with the two-year leading the way up 2.1 basis points:

In the forex market, the NZD remains the strongest currency of the day followed by the AUD. Stronger stocks have given the “risk on” trade some legs.  
The JPY and GBP are the weakest.  The USD is also lower. Yesterday the dollar was the strongest currency, today the trend (along with the other markets) have seen a reversal.   The USD is only up vs the JPY today.


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