The major European indices are closing mostly lower with Spain's Ibex the exception. The provisional closes are showing:
- German DAX, -0.9%
- France's CAC, -0.6%
- UK's FTSE 100, -0.1%
- Spain's Ibex, +0.7%
- Italy's FTSE MIB, unchanged
In other markets as London/European traders look to exit
- Spot gold is trading down $-13.25 or -0.74% at 1772.60
- Spot silver is down $0.42 -1.89% at $21.89
- WTI crude oil futures are trading down $0.96 at $70.31
- The price of bitcoin is trading at $47,000
In the US stock market, the NASDAQ index is down another 1.76%. The Dow industrial average is the best performer as investors rotate into big cap cyclical stocks:
- Dow industrial average -110 points or -0.31% at 35536
- S&P index -51.3 points or -1.10% at 4617.80
- NASDAQ index -272 points or -1.77% at 15140.48
- Russell 2000 is down -11.73 points or -0.54% at 2168.73
In the US debt market, yields are still higher but off their highest levels:
In the European debt market, the benchmark 10 year yields are most of the modestly lower with the exception of the UK 10 year which is up 3.5 basis point:
The USD has moved higher in the US morning session, but remains below the GBP which is the strongest of the major currencies. The CAD is now the weakest of the majors.
US PPI was the economic focus today. The PPI YoY rose 9.6% which was a 39 year high. Ex food and energy rose 7.7% vs 7.0% last month.
The FOMC is meeting today with the expectations of a doubling of the taper to $30B per month. The dot plot is also likely to see more hikes in 2022.
