German DAX was down -10.58% at the lows. France's CAC was down -11.81%.
The major European indices are closing down but could have been a lot worse. For example the German Dax was down -10.58%. It is closing down around half that. The France's CAC was worse at -11.81% at the lows and its closing level is only down -4.8%.
A look at the provisional closes are showing:
- German DAX fell -5.3%. The index is down -10.58% at the lows
- France's CAC fell -5.9%. The index was down -11.81% at the lows
- UK's FTSE 100 fell -4.7%. The index was down -8.71% at the lows
- Spain's Ibex fell -8.3%. The index is down -12.29% at the lows
- Italy's FTSE MIB fell -6.12%. It was down -11.29%.
In the European debt market, the benchmark 10 year yields move sharply higher. France's 10 year moved up 15.1 basis points and trade comfortably above the 0.0% level at 0.169%. German yields remain below the 0.0% level at -0.462%. However it is off the low yield today at -0.585%.
With the US 10 year yields down another 14.3 basis points to 0.818%, the spread between European yields and US yields is narrowing. Today alone with the German yields up 8.2 basis points and US yields down -14.3 basis points, the yield spread came in by 22.5 basis points. Versus the France 10 year the spread narrowed by 29.35 basis points. That spread is a big complaint from Pres. Trump.
