European shares rebound to end the week

Technical Analysis

Author: Greg Michalowski | german-dax

German Dax up 1.3%.  France's CAC, up 0.8%.  UK's FTSE 100, +1.1%

The major European indices are ending the day higher.  For the week all but the German Dax fell.

A look at the provisional closes are showing:
  • German DAX, +1.3%
  • France's CAC, +0.8%
  • UK's FTSE 100, +1.1%
  • Spain's Ibex, +0.4%
  • Italy's FTSE MIB +1.0%

For the week, all but the German Dax are ending lower.  Provisional changes are showing

  • German DAX +0.32%
  • France's CAC -1.34%
  • UK's FTSE 100 -1.1%
  • Spain's Ibex -1.3%
  • Italy's FTSE MIB -0.82%
In other markets as the European/London traders look to exit:
  • Spot gold is trading up $9.80 or 0.64% at $1572.90
  • WTI crude oil futures are trading down $1.43 or -2.57% at $54.16
US stocks have tilted back to the downside as a US Sen. tells of the 3rd case of the coronavirus in the US.  Weekend fear is being elevated:
  • S&P index -15.78 points or -0.46% at 3309.78
  • NASDAQ index -24.97 points or -0.26% at 9377.62
  • Dow -87 points or -0.29% at 29073.83
In the US debt market yields are moving lower on flight to safety flows:
  • 2 year 1.494%, -1.9 basis points
  • 10 year 1.689%, -4.3 basis points
  • 30 year 2.136%, -4.1 basis points
The US 10 year yield it is trading below the December low of 1.715%. This week, the yield also fell below its 100 day moving average at 1.7664% (see chart below).

US 10 year yields are trading below the December lows
In the European debt market, the benchmark 10 year yields are lower on the day (and going out near session low yield levels):

European yields are lower in trading today Finally, in the Forex as London traders exit, the JPY and the US are attracting investor interest (safe haven Pavlovian flows).  The GBP remains the weakest followed by the AUD (trades near session lows).

JPY and the USD are the strongest. The GBP is the weakest.
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