Political concerns discouraging investors
The major European stock indices are all ending with sharp declines as political/EU concerns send investors scattering for safer waters.
- German Dax is down -1.6%
- France's Cac is down -1.4%
- UKs FTSE is down -1.2%
- Spain's Ibex is down -2.2%
- Italy's FTSE MIB is down -2.65%
- Portugal's PSI20 is down -2.58%
European 10 year yields are showing the flight out of risk. Money flowed into German, UK and France notes and out of Italy, Portugal and Spain
- Germany 0.272%, - 7.3 bps
- France 0.658%, -4.1 bps
- UK 1.215%, -10.7 bps
- Spain 1.651%, +12.7 bps
- Portugal 2.2%, up 12.9 bps
- Italy, 3.174%, up 49 bps
In other markets:
- Gold is seeing some safe haven flows and is back above $1300. It trades at $1303.63, up $5.50 or 0.41%
- WTI crude oil is down -$1.38 or -2.03% at $66.50.
In the US markets, stocks are lower and trading at the session lows:
- S&P is -28 points or -1.08% at 2691. The high corrective price stalled at 2710.67, right at the 100 day MA. The price is trading at the lows
- Nasdaq is down -42 points or -0.58% at 7389
- Dow is down -364 points or -1.50%
The US debt market is seeing a flight into the safety of the US debt:
- 2 year 2.399%, down 7.6 bps
- 5 year 2.657%, down -10.7 bps
- 10 year 2.824%, down 10.7 bps
- 30 year 3.001%, down 9.10%. The low traded to 2.983%
The JPY is the strongest as Europe and London look to exit. The EUR is the weakest.
