European Central Bank council member, Jens Weidmann warns against weakening the euro, causing the currency to advance.
European stocks retreated on Monday after European Central Bank governing council member (and Bundesbank president), Jens Weidmann warned against attempts to weaken the euro. After Weidemann’s remarks, the euro advanced and most European stock indices declined (NYSEARCA:VGK).
In France, INSEE reported that the nation’s manufacturing output advanced by 0.1 percent. However, on a quarterly basis, output declined 2.5 percent and on a year-over-year basis, manufacturing output dropped 3.9 percent (NYSEARCA:EWQ).
As of 11:17 EST, the Euro STOXX 50 Index declined 0.25 percent to 2,623 – staying above its 50-day moving average of 2,540. After breaking above its resistance level of 2,700 on January 21, the STOXX 50 continues to experience resistance at that level, which has been a barrier since the beginning of the year. Its Relative Strength Index is 42.40 (NYSEARCA:FEZ). The FTSE 100 Index advanced 0.15 percent to 6,272 (NYSEARCA:EWU). The German DAX Index dropped 0.22 percent to 7,634 (NYSEARCA:EWG). France’s CAC 40 Index advanced 0.09 percent to 3,652 (NYSEARCA:EWQ). Spain’s IBEX 35 Index sank 1.08 percent to 8,086 (NYSEARCA:EWP). Italy’s FTSE MIB Index fell 0.50 percent to 16,547. (NYSEARCA:EWI).
As of 11:33 EST, the euro advanced 0.39 percent against the dollar, trading at $1.3417 (NYSEARCA:FXE).
Spain’s ten-year bond yield advanced to 5.41 percent on Monday from Friday’s closing level of 5.33 percent. Spain’s two-year bond yield rose to 2.76 percent on Friday from Thursday’s closing level of 2.73 percent. (NYSEARCA:EWP).
Italy’s ten-year bond yield climbed to 4.64 percent on Friday from Thursday’s closing level of 4.58 percent (NYSEARCA:EWI).
On London’s ICE Futures Europe Exchange, April futures for Brent crude oil declined by 56 cents (0.48 percent) to $117.29/bbl. (NYSEARCA:BNO, NYSEARCA:USO). Natural Gas Futures Hit 5-year Low on Mild Weather Outlook