The major European indices are ending the session with mixed results. Both the France’s CAC and Italy’s FTSE MIB fell while the German DAX, UK FTSE 100 and Spain’s Ibex rose by 0.25% to 0.30%.
A snapshot of the closing levels shows:
- German DAX +0.30%
- France’s CAC, -0.57%
- UK’s FTSE 100 +0.29%
- Spain’s Ibex +0.24%
- Italy’s FTSE MIB -0.13%
As London/European traders toward the exits, US stocks are trading modestly lower for the 2nd consecutive day:
- Dow industrial average -0.09%
- S&P index -0.13%
- NASDAQ index -0.16%.
- Russell 2000-0.21%
Looking at the US debt market, US yields are higher ahead of the 5 year note auction at 1 PM. Yesterday’s 2 year note auction was met with average demand:
- 2-year yield 3.598%, +2 point basis points.
- 5 year yield 3.703%, +2.6 basis points
- 10 year yield 4.140%, +2.3 basis points
- 30 year yield 4.747%, +1.1 point basis points
The US 10-year yield is up 5 of last 6 trading days which took the price up from a low on September 17 at 3.992%. Recall September 17 was the day that the Federal Reserve cut rates by 25 basis points. The 10 year yield is up 15 basis points since that cut.
Looking at other markets:
- Crude oil is trading up $1.30 and $64.70. That takes price just above its 100 day moving average at $64.68
European indices close mixed with France’s CAC and Italy’s FTSE MIB lower
