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.