European Market Recap: European Bonds Fall, Equities Higher

News Recap | Written by CEP News | Jul 23 08 10:43 GMT |

(CEP News) - European equity markets are trading higher with the Eurostoxx up 43.67 points on the day and the UK FTSE 100 up 71.20 points to 5435.301. In Germany, the bund was down 26.0 ticks to 109.95 with yields up 3.3 bps to 4.67% while the 10-year gilt was down 48.0 ticks to 105.29 with yields up 6.2 bps to 5.06%. The five-year Bobl was down 5.5 ticks to 105.62, the two-year Schatz down 1.0 tick to 102.33 and the June 2008 Euribor contract trading down 0.5 ticks to 94.94. The spread between the 10-year Bund and 10-year U.S. Treasury notes widened 1.727 bps to -53.00. UK 30-year bond yields were up 3.1 bps to 4.67%, five-year bond yields were up 6.9 bps to 5.07%, while yields on the two-year bond were up 7.6 bps to 5.12%. The September 2008 Short Sterling contract was down 4.5 ticks to 94.06. Yields on U.S. 10-year Treasury notes were up 4.5 bps to 4.144%. European stock markets were gaining with the Eurostoxx up 43.67 points to 2875.00, the UK FTSE 100 up 71.20 points to 5435.301 and the German DAX up 68.05 points to 6510.84. The Japanese Nikkei was trading up 127.97 points to 13312.93. The Canadian dollar was down 0.26 cents to 0.9894 against the USD (1.0106 USD/CAD). Against the euro, the loonie was up 0.05 cents to 0.6289 (1.5901 CAD/EUR). The U.S. dollar was up 0.49 to 107.81 and the euro was up 0.18 to 169.61, both against the yen. The euro was down 0.54 cents to 1.5732 while the pound sterling was up 0.57 cents to 1.9974, both against the USD. The euro was down 0.49 cents to 0.7876 pounds. The Swiss franc was down 0.45 cents to 1.0354 against the USD and down 0.15 cents to 1.6287 against the euro. All data taken at 6:41 a.m. EDT. Generated by CEP Newswires, edited by Stephen Huebl, shuebl@economicnews.caThis email address is being protected from spam bots, you need Javascript enabled to view it CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer.