February 2, 2023

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European shares follow the US stocks lower. German Dax leads the way

1 min read

German Dax falls -2.5%

The major European indices all fell led by the German Dax which fell 2.5%. The Spain’s Ibex and UK FTSE 100 were positive at the start of the North American session, but has moved solidly into negative territory at the close.  

The provisional closes are showing

  • German Dax, -2.5%
  • Frances CAC, -0.9%
  • UK’s FTSE 100, -0.7%
  • Spain’s Ibex, -0.7%
  • Italy’s footsie MIB, -1.8%

Looking at other markets as European/London traders look to exit:

  • S&P index is trading down -60.46 points or -1.45% at 4132.20. The index is making new session lows
  • NASDAQ index -398 points or -2.86% at 13497.30. It too is trading at session lows
  • Dow is down -273 points or -0.80% at 33841. The low price reached 33765.68.

In the US that market, yields are mostly lower with the two-year up 0.2 basis points. 

US yields

In the European debt market, the benchmark 10 year yields all fell with the Italian yield down -1.1 basis points. The UK 10 year was down -4.6 basis points.

European yields

In the forex, the USD remain the strongest of the major currencies with near 1% gains vs the AUD and NZD leading the way higher. The NZD and AUD are the weakest of the majors. 

Forex market
  • Spot gold is trading down $18 or -1% at $1775
  • Spot silver is down $0.72 or -2.68% and $26.17
  • WTI crude oil futures are up $1.15 or 1.78% $65.64

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