Major indices erase early week gains and close lower for the week
The European shares could not escape the tumble in the US indices. Nevertheless although they are lower, the declines for most of the indices are a little more contained. The provisional closes are showing:
- German DAX, -2.0%
- France CAC, -1.2%
- UK’s FTSE 100, -1.1%
- Spain’s Ibex, -0.4%
- Italy’s FTSE MIB, -1.0%
For the week, the FTSE 100 led the way to the downside. All the under indices also fell.
- German DAX, -1.8%
- France’s CAC, -1.05%
- UK’s FTSE 100, -3.5%
- Spain’s Ibex, -2.1%
- Italy’s FTSE MIB, -2.35%
In the forex market as London/European traders look to exit for the weekend, the CAD is the strongest of the majors, followed by the USD. The CHF is the weakest.
The major pairs vs. the US dollar are trading off extreme levels (highs for the USD). The USDCAD is the only pair where the dollar is lower.