European stocks closed mostly higher to start the new trading week, led by gains in Germany and the UK, while Italy lagged and finished in negative territory. Germany’s DAX climbed 1.24%, France’s CAC 40 advanced 0.44%, and the UK FTSE 100 rose 1.26%. Spain’s Ibex added 0.75% as buyers maintained a generally constructive tone across much of the region.
Italy’s FTSE MIB was the lone major underperformer, falling -0.91% as sellers weighed on the broader index despite the firmer tone seen elsewhere in Europe. Overall, the session reflected a positive risk backdrop across most European markets heading into the North American close.
In the debt market, yields moved lower across the board as traders took a more cautious tone to begin the week. Germany’s 10-year yield fell -2.3 basis points to 3.161%, France’s 10-year yield declined -2.9 basis points to 3.945%, and the UK 10-year gilt yield dropped -3.7 basis points to 5.141%. Spain’s 10-year yield fell -1.8 basis points to 3.593%, while Italy’s 10-year yield declined -1.7 basis points to 3.942%.
As European and London traders head for the exits, US stocks are mixed with little overall direction. The Dow industrial average is down around -9 points or -0.02%, while the S&P index is lower by -0.3%. The Nasdaq is under modest pressure, falling -0.75% as weakness in technology shares weighs on the broader market.
In the US debt market, Treasury yields are little changed after last week’s sharp rise. The 2-year yield is down -0.4 basis points at 4.0797%, while the 10-year yield is up 0.6 basis points at 4.6013%. The 30-year bond yield is up 0.3 basis points at 5.1313%, keeping long-end yields elevated near recent highs.
In the commodity market, crude oil prices are pushing higher once again, with WTI crude up $1.62 or 1.60% at $102.77 as traders continue to monitor supply and geopolitical risks. Gold is little changed, up 0.03% at $4,540.74, while silver is firmer by 1.04% at $76.68. Bitcoin is under pressure, however, falling -1.49% or -$1,154 to $76,258.
The USD is mostly lower. The USDJPY is trading above and below unchanged. Looking at the USD, the change vs the major currencies shows:
- EUR -0.22%
- JPY +0.02%
- GBP -0.73%
- CAD -0.18%
- CHF -0.06%
- AUD -0.17%
- NZD -0.50%
