German Dax ends down over 3%
The European stocks are ending down with sharp declines:
- The German Dax is down -3.08%
- The France CAC is ending down -2.35%
- The UK FTSE is ending down -1.59%
- The Spain's Ibex is lower by -2.48%
- The Italian FTSE MIB is down -2.53%
- Portugal PSI 20 fell by -1.28%
Ouch!
In the 10 year debt sector, rates are higher:
- Germany 0.758%, up 1.4 basis points. The yield did move up to about 0.80% in trading today
- France 0.994%, up one basis point
- UK 1.613%, up 6.2 basis points. BOE Carney signalled that a rate hike might be sooner than expected. The high yield did extend to 1.655% before coming back down.
- Spain 1.451%, up 3.6 basis points
- Italy 1.993%, up 4.4 basis points
- Portugal 2.032%, up 1.8 basis points
At the London/European close, US stocks are also taking it on the chin (but are seeing a little rebound now).
- S&P is down -30.4 points or -1.14% at 2651.01. The low reached 2641.27. That was just above its key 100 day moving average at 2639.03.
- NASDAQ is down -98 points or -1.39% at 6955.18. The low reached 6929.85.
- The Dow is down -375 points or -1.51% at 24517. The low reached 24425
In the US debt market, yields are higher but off the peaks:
- two-year 2.1257%, near unchanged
- five-year 2.5718%, up 1.5 basis points
- 10 year 2.2853%, up 1.7 basis points
- 30 year 3.1455%, up 3.15 basis points. The U.S. Treasury will auction off 30 year bonds at 1 PM. The high-yield today reached 3.166%