Yields are a little higher but lag the US move higher
The European major stock indices are ending the session marginally lower:
- German DAX fell -0.4%
- France's CAC fell -0.1%
- UK's FTSE fell -0.1%
- Spain's Ibex fell -0.2%
- Italy's FTSE MIB rose +0.08%
- Portugal's PSI 20 fell -0.32%
In the 10 year note sector, yields are a little higher but have not kept up with the US equivalent move. The spread between the US 10 year treasury and the German 10 year is at the widest in 14 months at 223 basis points.
- Germany, 0.676%, +2.4 basis points
- France 0.947%, +1.4 basis points
- UK 1.555%, +4.6 basis points
- Spain 1.563%, +0.6 basis points
- Italy 2.00%, -1.5 basis points
- Portugal 2.01%, +1.4 basis points
- Greece 4.376%, -3.1 basis points
By comparison the US 10 year is at 2.908%, +4.4 basis points on the day.
The rest of the US yield curve at the US midday/London close shows:
- two-year 2.262%, +4.0 basis points
- 5 year 2.667%, +5.7 basis points
- 10 year 2.908%, +4.4 basis points
- 30 year 3.186%, +3.3 basis points
The US stocks are trading near low levels for the day, with the tech heavy Nasdaq taking most of the heat.
- S&P index 2767.52, -12 points or -0.44%. The low reached 2765.93
- NASDAQ is trading at 7373.50, -47.2 points or -0.63%. The low rates 7370.50
- Dow is down 27 points at 25683. The low reached 25615.
In other markets:
- Spot gold is down $18 on the strengthening US dollar at $1315.50
- WTI crude oil features are also lower on the back of the dollar. The front contract trades down $-1.08 or -1.67% at $62.84
- Bitcoin is trading up $251 at $10,630
In the forex market, the USD is the strongest on the back of the comments from the Fed Chair. The NZD is the weakest.
