European shares closed mostly higher, although gains were modest as investors digested the latest U.S. inflation and growth data while awaiting Nvidia’s earnings after the close.
Italy’s FTSE MIB led the gains, while the UK FTSE 100 was the only major index to finish lower
German DAX: +0.19% at 26,315.92 France’s CAC 40: +0.27% at 8,462.39 UK’s FTSE 100: -0.07% at 10,878.11 Spain’s Ibex: +0.05% at 20,067.29 Italy’s FTSE MIB: +0.31% at 52,882.98 In the European debt market, benchmark 10-year yields moved sharply higher following the hotter inflation readings from the United States. The increases were broadly between five and six basis points: Germany: 3.235%, +5.5 basis points France: 4.090%, +5.4 basis points UK: 5.037%, +4.9 basis points Spain: 3.690%, +3.9 basis points Italy: 4.058%, +5.4 basis points In the U.S., the major indices are trading modestly lower as investors await Nvidia’s earnings after the closing bell. The Nasdaq and Russell 2000 are underperforming, although the declines remain contained: Dow Industrial Average: -102.01 points, or -0.19%, at 53,480.36 S&P 500: -6.74 points, or -0.09%, at 7,670.53 Nasdaq Composite: -95.17 points, or -0.36%, at 26,056.13 Russell 2000: -7.22 points, or -0.24%, at 3,002.80 Nasdaq 100: -62.50 points, or -0.21%, at 29,146.72 The U.S. dollar is higher across the board following a slightly hotter-than-expected headline PCE inflation report.
The gains are led by the dollar’s advances against the New Zealand dollar, Swiss franc and British pound. The greenback is only lower vs the AUD (-0.11%). Below are the USDs change vs the major currencies as London/European traders head for the exits: EUR: 1.1650, +0.21% JPY: 159.35, +0.12% GBP: 1.3592, +0.42% CHF: 0.8054, +0.50% CAD: 1.3876, +0.29% AUD: 0.7167, -0.11% NZD: 0.5937, +0.62% Yield are higher with the snapshot showing: 2 year yield 4.221%, +1.8 basis points 5 year yield 4.381%, +3.2 basis points 10 year yield 4.664%, +2.5 basis points. 30 year yield 5.19%, +1.6 basis