Concerns in Europe

The major indices are starting to feel the pressure from the rising EUR.

  • The German DAX fell -0.8%
  • The French CAC fell -0.6%
  • The UK FTSE fell -0.9%
  • The Spain's Ibex fell -0.5%
  • The Italian FTSE MIB fell -0.9%
  • The Portugal's PSI 20 fell -0.57%.

In the European 10 year debt sector yields are mostly higher:

  • Germany 0.589%, up 2.8 basis points
  • France 0.860%, up 1.9 basis points
  • UK 1.410%, up 5.7 basis points
  • Spain 1.357%, unchanged
  • Italy 1.908%, +1.9 basis points
  • Portugal 1.898%, -0.7 basis points

In other financial markets as London/European traders look to exit:

  • Gold is higher on the back of the weaker dollar. The precious metal is up $11.40 or 0.85% in $1352.65
  • WTI crude oil futures are higher by $.30 or 0.47% at $64.77. There was a surprise drawdown in oil inventories announced earlier today
  • The price of bitcoin on the Bitstamp exchange is trading up $27 at $11,008. The digital currency tested its 100 and 200 hour moving averages at the $11,370 area and found sellers.

US stocks have given up all/most of their earlier gains.

  • S&P index is down 2.6 points or -0.9% at 2836. The high reach 2853.
  • NASDAQ is down 40 points or -0.53% at 7421. The high reach 7486.
  • Dow industrial average is up 60 points or 0.23% at 26271. Although higher it is well off the high for the day at 26392.

In the US debt sector yields are sharply higher:

  • two-year 2.0762%, up 3.6 basis points
  • five-year 2.4377%, up 2.6 basis points
  • 10 year 2.654%, up 4 basis points
  • 30 year 2.945%, up 5 basis points. The yield is approaching the key 3% level.

The USD remains the runaway weakest currency for the day. The GBP remains the strongest currency.