European shares are closing lower on the day, failing to follow the mostly positive tone in U.S. equities. The declines come despite the softer-than-expected U.S. PPI data, which showed headline producer prices unchanged in July versus a 0.2% increase expected, while the year-on-year rate slowed to 4.7% from 5.5%.
The major European indices are ending the session with declines across the board:
German DAX: 26,292.01, -0.15%
France CAC 40: 8,650.57, -0.28%
UK FTSE 100: 10,772.68, -0.56%
Spain's Ibex: 20,168.60, -0.18%
Italy's FTSE MIB: 53,668.60, -0.18%
The FTSE 100 was the weakest of the major indices, with weakness in mining shares contributing to the decline.
In the European debt market, benchmark 10-year yields are lower across the board, helped in part by the decline in oil prices:
Germany: 3.134%, -3.4 basis points
France: 3.947%, -4.1 basis points
UK: 4.957%, -2.0 basis points
Spain: 3.568%, -3.9 basis points
Italy: 3.899%, -4.6 basis points
Crude oil remains lower on the day, although it has recovered sharply from its session low. WTI fell to $80.09, breaking below its 100-hour moving average at $81.45, but sellers could not sustain the downside momentum. The price has since snapped back higher and is trading around $82.56, down $0.65 on the day. Oil has been under pressure as demand concerns offset ongoing geopolitical supply risks.
As London/European traders head for the exits, U.S. stocks are mixed but tilted to the upside, with the Dow the lone major index trading lower:
Dow Industrial Average: 53,674.36, -0.19%
S&P 500: 7,777.26, +0.37%
Nasdaq Composite: 26,712.35, +0.47%
Russell 2000: 3,048.22, +0.09%
Nasdaq 100: 30,003.72, +0.88%
The Nasdaq 100 is leading the gains and has pushed above the 30,000 level, while the S&P is also solidly higher following the softer PPI report. The S&P is on pace for a record close.
U.S. Treasury yields are also moving lower across the curve:
2-year: 4.147%, -5.2 basis points
5-year: 4.320%, -5.5 basis points
10-year: 4.643%, -4.9 basis points
30-year: 5.212%, -3.6 basis points
Overall, European traders are leaving behind a session characterized by lower European equities, falling global yields and weaker oil, while U.S. equities are taking a more positive view of the softer inflation data, particularly in the S&P and Nasdaq.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
