European shares recover and close higher on the day

Author: Greg Michalowski | Category: News

Sharp declines are retraced

The major European stock indices staged a big recovery off of the low levels. The major indices are closing higher on the day.

The provisional closes are showing:
  • German DAX, +0.9%
  • France's CAC, +1.5%
  • UK's FTSE 100, +1.5%
  • Spain's Ibex, +0.2%
  • Italy's FTSE MIB, +0.8%
What was the damage at the lows?  How low was the lows for each of the major indices?

  • German DAX was down -3.53% at the low
  • France's CAC was down -3.07% at the low
  • UK FTSE was down -3.25% at the low
  • Spain's Ibex was down -2.64% the low
  • Italy's FTSE MIB was down -2.37% at the low
In the European debt market, the benchmark 10 year yields tumbled, and outpaced the decline in the US 10 year (-6.7 basis points).  Central banks are busy buying debt instruments and the ECB is certainly one of them.  Spain's 10 year yield fell -30.1 basis point and was the biggest mover on the day:

Sharp declines are retraced_
In other markets as London/European traders look to exit:
  • gold is trading up $14.35 or 0.89% at $1631.35
  • WTI crude oil futures are trading down $1.17 or -4.74% at $23.34
in the US stock market trading remains volatile, but sharply higher:
  • S&P index is up 119 points or 4.8% at 2595
  • NASDAQ index is up 297 points or 4.03% at 7681.46
  • Dow is up 1127 points or 5.3% at 22331.
In the US debt market, yields are lower with the yield curve flattening about 1 basis point:

US yields are trading lowerIn the forex market, the USD is getting hammered today with the greenback losing ground versus all the major currencies. It is doing the best versus the Canadian dollar at -0.9% and the worst versus the GBP at -2.2% on the day.

The USD is getting hammered

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