The Nikkei 225 is now closed for a holiday and will be closed most of next week. Other Asian markets were mostly lower with the Shanghai Composite down -024%.
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Eurozone CPI was weaker than expected. Q1 GDP was above expectations. German March retail sales fell against an expected gain. With negative carryover from the U.S. close, European markets were broadly lower with the DAX down -2.73%. Yields on the 10-yr. Bund rose to 0.285%
March Personal Income was up +0.4%, Personal spending up 0.1%, and PCE Prices up +0.1% (core +0.1%), and the Q1 Employment Cost Index rose +0.7%, all in line with expectations. That was followed by April Chicago PMI (50.4) and the final Michigan Sentiment (89) which were both weak.
The US$ Index continues to fall and gold moved to its highest level in more than a year, settling at $1,290.50. Yields on the 10-Year Note were steady at 1.835%. Baker Hughes reported the 6th straight drop in oil rigs to 332. Oil was steady, closing down -0.2% at $45.92.
Steady at the open, equities quickly sank into the red. After European markets closed, selling pressure moderated, but early on, any rallies were met with renewed selling. In a late surge, markets trimmed losses and closed only modestly lower.