German Dax down -0.85%
The European major stock indices are closed and the provisional closes by pointing mostly to the downside:
- German DAX, -0.85%
- France’s CAC, -0.3%
- UK’s FTSE, -0.1%
- Spain’s Ibex, -0.1%
- Italy’s FTSE MIB, -0.41%
Over the last 24 hours, BASF, the large German chemical company gave an earnings warning blaming what weakness and US-China trade war. They do not see the situation improving in the 2nd half of 2019. The German economy saw factory orders fall on Friday. Daimler cut its profit outlook for the 3rd time in a year. Deutsche Bank announced yesterday that it would cut 18,000 jobs globally in a restructuring play to save the bank.
In the European debt market, the benchmark 10 year yields are ending the session mixed with German, France and UK rates higher, while the riskier Spain, Italy and Portugal yields saw investor demand (lower yields).