German Dax down -3.9%
The provision closes for the major European indices are not painting a pretty picture. In fact, it is quite ugly (unless you are short of course).
- German DAX, -3.9%
- France’s CAC, -3.7%
- UK’s FTSE, -3.6%
- Spain’s Ibex, -3.2%
- Italy’s FTSE MIB, -3.54%
The German Dax moved to bearish territory in trading today (down over -20% from the January 2018 high). For the year the index is down about -16.50%. By comparison, the S&P index in the US is down -1.5%, France’s CAC is down -10%, UK FTSE is down -12.88% and Italy’s FTSE MIB is down -14.64%.
In the benchmark 10 year note market, yields are lower with the exception of the Italian yields as investors shun their bonds on budget concerns. The yield spread between the German and Italian debt moved back up toward the 300 bp level after moving toward the 280 level recently.
IN other markets near the exit time for European and London traders:
- spot gold is up $4.21 or 0.32% at $1241.26
- WTI crude oil futures are trading down $2.47 or -4.65% at $50.49. The crude oil inventory data showed a larger than expected drawdown of -7323K vs -2000K expected. The OPEC meeting ended with no numbers for the production cuts. We will have to wait for tomorrow.
- Bitcoin on Coinbase is trading down -$115 at $3607.78. The low price reached $3563, which was just above the November low at $3456 (low for 2018 as well).