European stocks end a down week with a down day. The year is getting ugly.
German Dax leads the declines
The German Dax fell by -1.6% for the day and is down -4% for the week. That index has the dubious distinction of being the weakest of the major European indexes today/this week.
Here is the summary:
- German DAX -1.6% and -4.0% for the week
- France’s CAC -1.2% and -3.3% for the week
- UK’s FTSE -0.3% and -3.2% for the week
- Spain’s Ibex -1.2% and -3.8% for the week
- Italy’s FTSE MIB -0.49% and -2.4% for the week
- Portugal’s PSI20-0.4% and-1.6% for the week
For the year, the declines are getting a bit hefty:
- Germany, -7.98%
- France, -3.9%
- UK, -9.87%
- Spain, -6.39%
- Italy has bucked the trend with a gain of 2.24% in 2018.
- Portugal, -0.68%
In the European 10 year debt sector:
- Germany 0.528%, unchanged
- France 0.759%, -1.0 basis points
- UK 1.448%, +0.8 basis points
- Spain 1.267%, -2.6 basis points
- Italy 1.876%, -1.1 basis points
- Portugal 1.721%, -3.3 basis points
In other markets as London European traders look to exit:
- Spot gold plus $20.62 or 1.55% at $1349.64
- WTI crude oil futures plus $1.09 or 1.7% at $65.37
- bitcoin is trading up $18 at $8610. It remains below its 100 hour moving average at $8700 in NY/London trading.
US stocks continue to struggle:
- S&P index -14.8 points or -0.57%
- NASDAQ -61 points or -0.85%
- Dow Jones industrial average -68 points or -0.28%
US yields are trading near unchanged:
- two-year 2.266%, -1.2 basis points
- five-year 2.618%, -0.5 basis points
- 10 year 2.828%, +0.4 basis points
- 30 year 3.070%, +0.8 basis points
IN the forex market, the USD remains the weakest currency for the day (and got weaker in the NY morning session). The NZD is the strongest currency.
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