The major European indices are ending the session with declines on the day. The provisional closes are showing:
- German DAX, -1.4%
- France's CAC, -1.3%
- UK's FTSE 100, -0.2%
- Spain's Ibex, -1.7%
- Italy's FTSE MIB -0.9%
The European debt market, the benchmark 10 year yields are also lower. The UK 10 year yield is leading the way with the -6.8% decline. The UK spring budget slashed growth for 2022.
In other markets as London/European traders look to exit:
- Spot gold is trading up $13.38 or 0.7% at $1934.23, helped by lower yields today.
- Crude oil is trading at $14.18 up $4.92 or 4.5%. Crude oil inventory showed a surprise drawdown of -2.5M barrels. Russia also closed a export distribution price line for maintenance repairs.
- bitcoin has moved higher in the North American session rising to $42,609. The low for the day reached $41,779. The high for the day reached $42,788
In the US stock market ,the major indices are trading lower although the NASDAQ index did erase a -175 point decline.
- Dow industrial average -309 points or -0.89% at 34498
- S&P index -27.68 points or -0.62% at 4483.50
- NASDAQ index -44.45 points or -0.32% 14063.50
- Russell 2000 is -12.58 points or -0.60% at 2075.73
In the US debt market, the yields are down on the day taking a breather from the sharp rise to the upside seen recently.
- two year yield 2.132%, -3.6 basis points
- five year yield 2.361%, -4.2 basis points
- 10 year yield 2.348%, -3.6 basis points
- 30 year yield 2.559%, -4.6 basis points
The U.S. Treasury will auction off $16 billion a 20 year notes at 1 PM ET.
In the forex market, the AUD is the strongest of the majors while the GBP is the weakest. The USD is mixed with gains verse the EUR, GBP and JPY and declines vs the AUD, CHF and near unchanged verse the CAD and NZD.
