May 29, 2023

European indices close higher for the second consecutive day

The major European indices are closing higher for the second consecutive day as equity trading gets off to a good year in 2022.

The provisional closes are showing:

  • German DAX, +0.7%
  • France’s CAC, +1.3%
  • UK’s FTSE 100, +1.5% (the UK market was closed yesterday)
  • Spain’s Ibex +0.6%
  • Italy’s FTSE MIB +0.4%

In the European debt market, the benchmark 10 year yields are ending the day mixed/little changed with the exception of the UK 10 year which is up 11.8 basis points.

European 10 year yields

Benchmark 10Y yields are mixed with the exception of the UK

In other markets as European/London traders look for the exits shows:

  • Spot gold is up $10.76 or 0.60% at $1812.24
  • Spot silver is up eight cents or 0.35% at $22.95
  • WTI crude oil futures are trading up $0.63 at $76.72
  • Bitcoin is trading at $46,722 little change from morning US levels

In the US stock market the NASDAQ index suffers while the Dow industrial average as traded to a new all-time intraday high. The S&P index is trading above and below unchanged after reaching an all-time high earlier in the day. Both the Dow and S&P closed at record levels yesterday:

  • Dow industrial average up 218 points or 0.60% at 36803
  • S&P index down -5.5 points or -0.12% at 4791.06
  • NASDAQ index -251 points or -1.59% at 15581
  • Russell 2000-10.74 points or -0.47% at 2262.03

In the US debt market, the selling continues out the longer end of the curve with the tenure up 4.5 basis points and the 30 year up 7.8 basis points. The yield curve is showing the 2 – 10 year spread up to 91.3 basis points from 84.4 basis points at the close yesterday

US yields

The yield curve has widened further

In the forex, the USD rose in early US trading but then tumbled lower. The AUD and GBP are the strongest of the majors, while the JPY is the weakest.


The strongest to weakest currencies

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