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Fri, 26th May 2017

Anirudh Sethi Report

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European Indices down (sans Italy) but off the lows

Down but not a disaster…

The European stocks are down on the day, BUT the major indices are ending off the lows.
  • German Dax is ending the day down -0.3%.
  • UK FTSE is down -0.9%
  • France’s CAC is down -0.6%
  • Spain’s Ibex is down -0.6%
  • Portugal’s PS120 is down -0.85%

The lone wolf in the bunch was the Italian FTSE MIB which eked out a gain of 0.07%.

Although down, a disaster was averted. The snapshot at the start of the NY session showed the following changes:
  • German Dax down -0.73%,
  • UK FTSE -1.03%,
  • France’s CAC down -1.01%,
  • Spain’s IBEX -1.64%, and
  • Italy’s FTSE MIB -1.60%
That is a pretty good comeback for the major European indices.
How has 10 year yields done today?
  • Germany 0.346%, -3.2 bp (was down -5.2 bp at the start of the NY day)
  • France 0.803%, -3.2 bp (was down -4.7 bp)
  • UK 1.063%, unchanged (was down -2.8 bp)
  • Spain 1.567%, unchnaged (was down -3.5 bp)
  • Italy 2.151%, unchanged (was down -4.3 bp).