Major indices in Europe move higher on hopes for US China agreement

The major European indices are ending the session (and week) on a positive note with gains. The catalyst is increased global growth from the US China trade agreement (surprise...surprise. The story that keeps on giving).

The provisional closes are showing:

  • German DAX, +0.36%
  • France's CAC, +0.59%
  • UK FTSE 100, +0.04%
  • Spain's Ibex, +0.89%
  • Italy's FTSE MIB, +0.46%

For the week, the results are mixed:

  • German DAX, +0.05%
  • France's CAC, +0.78%
  • UK's FTSE 100, -0.8%
  • Spain's Ibex, -1.45%
  • Italy's FTSE MIB, +0.2%

In the benchmark 10 year yields today, the results are mixed with investors heading back into Spain, Italy and Portugal, while UK and German yields were up marginally. France 10 year OATS are trading unchanged on the day and back below 0.0% after trading above the key level over the last week or so.

Major indices in Europe move higher on hopes for US China agreement_

A review of other markets currently shows US stocks moving higher once again;

  • S&P index up 18.11 points or 0.58% at 3114.74
  • NASDAQ index up 54.8 points or 0.65% at 8533.8
  • Dow up 153.0 points or 0.56% at 27935

All US stock indices are trading at record high levels

In other markets:

  • Spot gold is trading down $5.61 or -0.38% at $1465.79
  • WTI crude oil futures are marching higher and trades at $57.79 up 1.8% on the day. The high price was able to extend above the most recent highs at $57.88. The price reached $57.93.

In the forex market:

  • The USDJPY it is currently trading at its high level and testing its 100 hour moving average at 108.843. Above that sits the 200 day moving average and 200 hour moving average at the 108.86 area
  • The EURUSD extended the trading range for the week above the 1.10426. The high price extended to 1.10542. That came up short of the 200 bar moving average on the 4 hour chart at 1.1058. The pair is back down testing that old high level at 1.10426. Stay above and the bullish bias remains
  • The GBPUSD was pushed higher after the Brexit party said that they would step down in additional 43 elections. That increases the Tories chances for getting a majority at the December 12 election. The high price for the pair moved up to 1.2917 that was at a swing area and below a topside trend line at 1.2925. The price is currently trading back down at 1.2898. (see post here)