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Daily News – European Equities Rally Despite Soaring Yields

ByBinary Options Strategy
Published 12/08/2011, 05:49 AM
Updated 05/14/2017, 06:45 AM
EUR/CHF
0.27%
NDX
0.12%
DE40
0.50%
JP225
0.47%
HK50
2.64%
Equities

Stocks closed lower in Asia, as a deadlock in Euro zone negotiations raised investor fear. The Nikkei eased .1% to 8160, the Kospi slumped 1%, and the ASX 200 dropped 1.5%. Hong Kong’s, Hang Seng, declined 1.4%, weighed down by HSBC’s 1.7% loss, and the Shanghai Composite shed .7%.

European markets rallied, as the DAX and CAC40 gained 1.2%, and the FTSE rose .7%. Nonetheless, the DAX fell 5% for the week, and the CAC40 shed 4.5%. S&P downgraded Belgium’s debt one notch to AA. An auction for 6-month debt in Italy had an astonishing yield of 6.5%, up from 3.5% last month.

German Se Xetra Dax Index

DAX Bounces Feebly Following Recent Slide

US markets closed lower on light volume. The Dow eased 26 points to 11232, the Nasdaq slumped .8%, and the S&P 500 fell .3%.

Currencies

The Dollar climbed against most currencies, as growing uncertainty fueled a return to safety. The Euro dropped .9% to 1.3230, and the Yen sank .8% to 77.75. Rumors that the Swiss National Bank would raise the exchange floor for the EURCHF hurt the Swiss Franc, which closed down 1.1% to 1.0750. The British Pound slipped .3% and the Australian Dollar edged down .2% to .9714.

Economic Outlook

Monday’s reports will include new home sales and the Dallas Fed manufacturing survey.

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