European indices closed sharply lower with the declines of -1% – -2% on the day. Looking at the closing levels:
- German DAX, -2.07%
- France CAC, -1.6%
- UK’s FTSE 100 -1.71%
- Spain’s Ibex -1.05%
- Italy FTSE MIB -1.87%
For the trading week major indices, the declines today contributed to dipping into negative territory for the week
- German Dax -1.59%
- France CAC -1.97%
- UK’s FTSE 100 -0.37%
- Spain’s Ibex -1.49%
- Italy’s FTSE MIB -0.35%
Helping contribute to the declines were higher rates. Yields across Europe surged this week.
- Germany +17.4 basis points to 3.170%, its highest level going back to May 2011
- France +35.7 basis points to 3.969% its highest level going back to May 2009
- UK +26.2 basis points to 5.182%,its highest level going back to June 2008
- Spain +19.2 basis points.
- Italy +22.6 basis points.
This article was written by Greg Michalowski at investinglive.com.
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