The major US indices are closing mixed. THe UK FTSE 100 and Spain’s Ibex close lower. France CAC did the best, while Italy’s FTSE MIB and Germany’s DAX were near unchanged.
The closing levels shows:
- German DAX, -0.79 points or 0.0% at 16751.43
- France CAC was 21.06 points or 0.28% at 7596.92
- UK FTSE 100 -72.64 points or -0.95% at 7576.35
- Spain’s Ibex -76.12 points or -0.75% at 10095.59
- Italy’s FTSE MIB +36.52 points or 0.12% at 30395.58
For the trading week:
- German DAX is closing marginally lower by -0.05%. That broke a six week up streak.
- France CAC rose 0.93% for its fifth week in a row higher
- UK FTSE 100 rose 0.29%. It moved higher three consecutive weeks.
- Spain’s Ibex fell -1.25% snapping a six week up streak.
The mixed equity markets this week came despite sharp declines in 10-year yield’s:
- Germany’s 10-year yield fell -24.7 basis points to 2.015%
- Frances 10-year yield fell -27 basis points to 2.548%
- UK’s 10 year yield fell -33.3 basis points to 3.691%
- Spains 10-year yield fell -28.1 basis points to 2.998%
- Italy’s 10-year yield fell -32.8 basis points to 3.77%
Both the ECB and the Bank of England announced no change in policy at their December meetings. They also refrain from hopes of lower rates sooner than later. The Bank of England had voters to wanted to increase rates. For the ECB, they did not even discuss the idea of lowering rates.