As London and European traders head home for the weekend, the major European stock indices are closing lower across the board. The German DAX led the way with a 1.92% decline, wiping out its gain for the week. Spain’s IBEX fell 0.60% on the day but still posted the strongest weekly gain among the major European indices. The UK FTSE 100 was the only one of the five to finish the week lower.
European stocks at the close
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German DAX closed at 25,820.37, down 1.92% on the day and unchanged for the week.
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France’s CAC 40 closed at 8,139.01, down 0.81% on the day and up 2.13% for the week.
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UK FTSE 100 closed at 10,673.93, down 1.01% on the day and -0.52% for the week.
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Spain’s IBEX 35 closed at 19,369.49, down 0.60% on the day and up 3.84% for the week.
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Italy’s FTSE MIB closed at 50,052.95, down 0.90% on the day and up 1.12% for the week.
European yields end the week lower. France/German yield spread narrows a bit this week.
The 10-year yield picture was mixed on Friday, but yields fell across all five markets over the week. France led the move, with its 10-year yield down -21.6 basis points against a 7.3-basis-point decline in Germany. That narrowed the French–German 10-year spread by 14.3 basis points to about 151 basis points and back below the 100 and 200 hour MAs. There is work to do to call the high but there is some relief too.
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Germany 3.252%, up 1.3 bps on the day and down -7.3 bps for the week.
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France 4.761%, down -1.4 bps on the day and -21.6 bps for the week.
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UK 5.155%, up 0.8 bps on the day and down -13.8 bps for the week.
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Spain 3.836%, up 0.5 bps on the day and down -11.0 bps for the week.
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Italy 4.341%, down -1.7 bps on the day and -14.4 bps for the week.
US stocks climb back, led by the Nasdaq
At the European close, the Nasdaq 100 was up 1.82% and the Nasdaq Composite was up 1.57% as buyers chipped away at Thursday’s losses. The S&P 500 was up 0.86% and the Russell 2000 was up 0.81%, while the Dow was little changed, up 22 points or 0.04%. Tesla (+4.82%) and Nvidia (+3.86%) led the gains among the Magnificent 7. After Thursday’s 6.36% drop in the Nasdaq 100, Friday’s bounce had recovered only part of the decline by the European close.
US yields were higher at the front end, with the 2-year up 3.3 basis points to 4.510% and the 10-year up 1.2 basis points to 4.849%. The 30-year was little changed at 5.250%.
The dollar firms as gold slips
The dollar was higher against the major currencies in the snapshot. EURUSD and GBPUSD were both down 0.62%, trading at 1.1149 and 1.3365, respectively. USDJPY was up 0.36% at 158.22, while AUDUSD and NZDUSD were down 0.85% and 0.82%, respectively.
Gold was down 0.66% at $4,060.26, while silver was up 0.27% at $51.91 and copper was up 0.26% at $6.2860. Bitcoin was little changed near $75,901, down 0.09%
