This morning. U.S. equity futures are weaker and at the bottom of their trading range. The market outlook is "confirmed uptrend". In Asia, equity markets closed moderately higher. European bourses opened higher, but are modestly mixed in early afternoon. The euro is slightly weaker. Economic reporting focuses on an upward revision in Japanese 1Q2014 GDP and better than expected Chinese exports. Economic reporting is slight in Europe and the U.S. U.S. Treasury 10-year yields are higher at 2.6104%. The worldwide sovereign bond market rally continues. Spanish and Italian 10-year yields are at multi-year lows. Commodities are mixed. Tuesday's Nikkei 225 June 2014 (NKM4) equity futures slightly higher.
Friday, major U.S. indexes rallied after an in-line May U.S. employment report. The S&P 500 (SPX), DJ Industrials (DJI), DJ Transports (TRAN), and NYSE composite closed at new records. The SPX, DJI, Nasdaq, and NYSE composite rose +0.46%, +0.52%, +0.59%, and +0.52%, respectively. The SPX, DJI, Nasdaq, and NYSE composite are +5.47%, +2.10%, +3.47%, and +4.84% higher in 2014, respectively. NYSE volume rose +1.86% to 0.999x its 20-day moving average.
Other notable indexes also closed higher. The DJ Transports (TRAN) rose +0.86% and closed at another record close. According to Dow Theory, the DJI's record close confirmed TRAN record. The Russell 2000 (RTY) rose +0.981% to close -3.59% below early March highs. The Nasdaq Internet (QNET) index rose +0.71%, and the Nasdaq Biotech (NBI) index rose +0.42%. The QNET remains in correction, down -12.0%, but the NBI improved from correction and close -9.94% from its recent high.
Trading desks report a quiet weekend, followed by a somewhat stronger Asian traded, followed by a higher European open, which subsequently slipped to mixed. Regarding Friday's trade, trading desks described the new records as "more of the same".
There are no U.S. economic reports today. Commodity and currency prices are mixed. Relative strength indicators have risen to levels above a neutral range, suggesting that the market is short-term overbought.
The 1Q2014 earnings reports began on March 15th, and 498 of 499 SPX companies have now reported, with respective +5.90% EPS and +0.20% revenue surprises. Forward estimates are moving up. Compared to February 28th, the May-end 2014 EPS estimate rose to $118.11, compared to $117.74. Respective estimates for 2015 and 2016 are now $131.29 and $145.72, compared to $130.81 and $144.98 at February-end.
Price earnings multiples remain elevated. With SPX equities trading at a 17.7x (compared to 17.6x the prior day) 2013 earnings multiple, attention focuses on 2014 earnings and valuations (17.7x times survey $118.12 2014 SPX operating earnings suggests a 2090.47 SPX level in the next year, a +7.23% rise from yesterday's close).
Technicals were little changed. Most SPX market segments closed higher. By large margins, market breadth was positive, and up volume led down volume. Volatility fell to a multi-month closing low. Treasury bond markets weakened slightly. On the day, the U.S. Treasury 10-year bond yield rose +0.45 bps to 2.5869%, compared to 2.5824% at the prior close.
This morning, 10-year U.S. Treasury yields are up +2.35 bps at 2.6104% compared to the prior close. World sovereign bond markets strengthened. Spanish and Italian 10-year debt yields are 2.60% and +2.72%, respectively, compared to 2.64% and +2.76% the prior day.
U.S. options markets worsened to neutral, compared to neutral to bullish the prior day. The CBOE SKEW rose and remains above a neutral range, though below 130.
In pre-market futures trading, June SPX equity futures (SPM4) price near the bottom of a 1946-1950 trading range. After a fair value adjustment of -1.01 points, the SPM4 future prices at 1947.00, down -1.24 points. The SPX opens +2.38% and +3.60% above its respective 20- and 50-day moving averages, and +4.94% and +8.14% above its 200-day moving averages. Initial resistance is 1951.78. Initial support is 1944.75, then 1940.07.
"Confirmed Uptrend" Market Outlook and Distribution Day Count. On May 27th, based on the Nasdaq follow-through and the SPX record close, the market outlook improved to "confirmed uptrend", ending a period of market "in correction" that began on April 4th. The SPX closed June 6th at a record 1949.44, +7.37% above the 1815.69 close on April 11th, the low close. On March 5, 2014, the Nasdaq peaked at 4,357.97 (compared to its 4,572.83 March 31, 2000 record close), then fell -8.22% to 3,999.73 before recovering +8.04% to the June 5th 4,321.40 close. There have been no distribution days since May 27th.
In Asia, equity markets closed higher. The Nikkei 225 (NYSEARCA:NKY) rose +0.31%. On April 21st, its 50-day moving average moved below its 200-day moving average. Its 200-day moving average is also below its 100-day moving average. The Hang Seng (HSI) Index fell -0.69%, and the Shanghai SE (SHCOMP) fell -0.54%. The HSI and SHCOMP 50-day moving averages are also below their respective 200-day moving averages. Today's volumes are unavailable.
Asian economic commentary focused on the latest month's Chinese trade and U.S. employment data. Commentary focused on IPO concerns.
Last week, the NKY closed up +3.04%, while the HSI lost -0.57% and the SHCOMP -0.45%. The prior week, the NKY, HSI, and SHCOMP rose +1.18%, +0.50%, and +0.23% respectively. In June, the NKY is up +3.36%, the HSI is up +0.16%, and the SHCOMP is down -0.43%. In May, the NKY closed up +2.29%, the HSI rose +4.28%, and the SHCOMP rose +0.63%.
In 2014, the NKY and HSI are down -7.17% and -0.81%, respectively, and the SHCOMP is down -4.04%. In 2013, the NKY rose +56.7%. The HSI closed up +2.87%. The SHCOMP closed down -6.75%.
In China, short-term interbank lending rates remain volatile, as the SHIBO 7-day rate fell -2 bps to 3.13%, compared to 3.15% the prior day, up from a 2.26% low on March 11th, but down from the February 7th 5.41% recent high.
Regional relative strength indexes (RSI) show Tokyo and in the upper end of a neutral range, while Hong Kong and Shanghai are in the middle in a neutral ranges. The NKY RSI ended at 68.28, compared to 68.16 the prior day, up from an oversold 27.92 on February 4th, the most recent prior yearly low. The HSI RSI rose to 59.80, compared to 55.42 the prior day. The SHCOMP's RSI rose to 47.60, compared to 47.40 the prior session. On June 27, 2013, the index's RSI fell to a low of 15.27, which was also last year's low index close.
In Japan, the NKY closed at 15,124.00, compared to 15,077.24 the prior day, -7.17% below its recent year-end 16,291.31 high and -61.1% below its late-1989 38,915.87 high close. The index opened at its 15,206.57 intraday high, but trended lower to an early afternoon 15,116.03 intraday low, before trading narrowly to the close. Most market segments closed higher. Leaders were technology, financials, and industrials, which rose at least +0.68%. Laggards were basic materials, oil and gas, and utilities, which fell at least -0.23%.
In China, the HSI opened above 23,080, eased to an early 23,053.38 intraday low, then strengthened to a mid-morning 23,159.60 intraday high. The index traded narrowly to the close. Most market segments closed higher. Leaders were technology, basic materials, and industrials, which rose at least +1.68%. Financials rose +0.71%. Laggards were oil and gas and utilities, which rose at least +0.20%, and consumer services, which fell -1.95%. The index closed -3.32% below its recent December 3rd 23,910.47 high, but +27.2% above its 18,185.59 June 4, 2012 low.
In Shanghai, the SHCOMP closed at 2,030.50, compared to 2,029.96 at the prior close, +4.13% above the 1,950.01 June 27, 2013 close, last year's low. The index set an early 2,023.35 intraday low, then rallied to a late morning 2,045.26 intraday high. The index fell to breakeven by mid-afternoon, then traded narrowly to the close. Most market segments closed lower. Leaders were financials and oil and gas, which rose at least +0.03%, and health care, which fell -0.01%. Laggards were consumer services, industrials, and technology, which fell at least -0.28%.
In Europe, equities opened higher, but subsequently weakened and are presently mixed. The Euro Stoxx 50 and CAC 40 are down -0.09% and -0.20%, respectively, while the FTSE 100 and DAX are up +0.19% and +0.03%. The Spanish IBEX 35 is up +0.05%. The Italian FTSE MIB is up +0.01%.
The Euro Stoxx50 and CAC 40 closed Friday at multi-year highs. The DAX closed at an all-time record. Economic reporting is slight, with commentary focused on last week's ECB actions. The euro is slightly weaker compared to the dollar.
European bourses have recently outperformed U.S. equity indexes. Intraday Euro Stoxx50 relative strength (RSI) is 69.56, compared to 69.31 at the prior close, moving to the top of a neutral (30-70) range, better than its recent February 5th 33.57 low, which coincided with its 2014 low. The indexes lowest recent RSI level was 25.77 on June 24th, which marked the 2013 2,494.54 closing low.
The Euro Stoxx50 trades -37.2% below its 5,249.55 March 31, 2000, all-time closing high. From its prior day 3,294.28 close, the index rose to an early 3,302.77 intraday high, but then trended lower and reversed lower in early afternoon. The index currently trades at 3,292.64. Market segments are mixed. Leaders are utilities, telecommunications, and basic materials, which are up at least +0.06%. Financials are down -0.15%. Laggards are consumer goods, technology, and health care, which are down at least -0.18%.
Last week, the Euro Stoxx50, FTSE 100, CAC 40, and DAX closed up +1.53%, +0.20%, +1.36%, and +0.44%, respectively. The prior week, the Euro Stoxx50, FTSE 100, CAC 40, and DAX rose +1.29%, +0.42%, +0.59%, and +1.79%, respectively. In June, the Euro Stoxx50, FTSE 100, CAC 40, and DAX are up +1.445, +0.95%, +0.72%, and +3.54%, respectively. In May, the Euro Stoxx50, FTSE 100, CAC 40, and DAX closed up +1.29%, +0.42%, +0.59%, +1.79%, respectively.
In 2014, the indexes are higher. The Euro Stoxx50, FTSE 100, CAC 40, and DAX are up +6.05%, +1.85%, +6.63%, and +4.66%, respectively. In 2013, the indexes closed up +18.0%, +14.4%, +18.0%, and +25.5%, respectively.
1Q2014 SPX Earnings. Of 498 (of 499) reporting companies, 368 or 74.2% surprised positively on earnings, with an average +5.90% surprise average. Of reporting companies, 262 or 53.0% reported sales or revenues above estimates. The average sales/revenue surprise is +0.20%. Energy leads with respective +10.0% and -1.01% earnings and revenue surprises. Financials have a respective +5.67% and +0.26% earnings and revenue surprises. Consumer staples lags with respective +0.29% and -0.66% earnings and revenue surprises.
Valuation. The SPX trades at 17.7x estimated 2013 earnings ($110.15), 16.5x estimated 2014 earnings ($118.12), 14.8x estimated 2015 earnings ($131.30), and 13.4x estimated 2016 earnings ($145.67). The 10-year average median price/earnings multiple is 15.9x. Analysts expect 2014, 2015, and 2016 earnings to grow +7.23%, +11.2%, and 10.9%, respectively.
The KBW Bank Index (BKX) trades at 13.7x 2013 adjusted EPS ($5.16), 13.3x estimated 2014 earnings ($5.34), 11.8x estimated 2015 earnings ($5.99), and 10.6x 2016 earnings ($6.67). Analysts expect 2014, 2015, 2016 EPS will grow +3.51%, +12.1%, and +11.5%, respectively.
Composite, index, and equity options. Options markets worsened to neutral, compared to neutral to bullish the prior session. Composite options are neutral, index options are neutral, and equity options are neutral. The composite put/call ratio is 0.92, compared to 0.74 the prior day, and worse than 5- and 10-period moving averages of 0.80 and 0.80, respectively. The index put/call ratio is 1.04, compared to 0.73 the prior day, and worse than its 5- and 10-period moving averages of 1.01 and 0.94, respectively. The equity put/call ratio closed the day at 1.01, compared to 0.94 the prior day, and worse than its 5- and 10-period moving averages of 0.74 and 0.76, respectively.
NYSE Volume, Breadth Indicators. Volume rose +1.86% to 640.32 million shares, compared to 628.63 million shares the prior day, 0.999x the 640.78 million share 20-day moving average. By large margins, market breadth was positive, and up volume led down volume. Advancing stocks led by +1.481 (compared to +1,733 the prior day) or 2.89:1. Up volume was 2.58:1 down volume.
Libor, LOIS, Currencies, Treasuries, Commodities:
· USD LIBOR is 0.09090%, compared to 0.09250% the prior day. USD 3-month LIBOR is 0.22960%, down from 0.23060% the prior day, and compares to the January 4, 2013, recent peak of 0.58250%.
· The US LIBOR-OIS (LOIS) spread is 13.360 bps, compared to 13.560 bps the prior day, and compares to the recent June 12, 2012, 46.785 bps high. Euribor-OIS is 20.300 bps, compared to 22.100 bps the prior day, and down from the December 27, 2011, high of 98.800 bps. Moves in the LOIS indicate changes in intra-bank lending risk premiums.
· The 3-month Euro basis swap is -8.750 bps, compared to -8.532 bps the prior day, up from a trough of -147.00 bps on December 14, 2011, but far better than a normal -10 bps and -40 bps range.
· German 10-year debt yields are 1.36%, compared to 1.35% the prior day.
· Japanese 10-year debt yields are 0.60%, compared to 0.60% the prior day.
· Spanish and Italian 10-year debt yields fell to new multi-year lows. Spanish 10-year debt yields are 2.60%, compared to 2.64% the prior day. Italian 10-year debt yields are at 2.72%, compared to 2.78% the prior day and their May 11th 2.911% recent low. Spanish and Italian 10-year debt years peaked at 7.62% and 7.26%, respectively, in July 2012 and November 2011.
· U.S. Treasury yields are slightly higher, with 2- and 10-year maturities yielding 0.411% and 2.613%, respectively, compared to 0.399% and 2.587% Friday. The yield curve widened +1.420 bps, with the 2- to 10-year spread at +2.202%, compared to 2.188% the prior day. In the past year, the 2- and 10-year spread varied from a low of +1.429% on May 1, 2013, to a high of +2.648% on December 31, 2013.
· The U.S. dollar is mixed, stronger compared to the euro, but weaker compared to the Japanese yen and British pound. The dollar trades at US$80.511, compared to US$80.538 intraday high and US$80.409 the prior day, and better compared to its $79.982 50-day, US$80.123 100-day, and US$80.342 200-day averages. The euro trades at US$1.3623, compared to a US$1.3616 intraday low and US$1.3643 the prior day. The euro trades worse compared to its US$1.3754 50-day and US$1.37440 100-day averages, and compares to a multi-year low of US$1.1877 on June 7, 2010. In Japan, the dollar trades at ¥102.47, compared to ¥102.48 the prior day. The yen trades worse than its 50-day moving average ¥102.21, but better than its January 1st 105.31 closing low, its weakest prior multi-year closing low.
· Citigroup Economic Surprise Index worsened to -12.90, compared to -14.10 the prior day, its 5th consecutive negative reading. The index is worse compared to its respective -9.20 5-day and -4.84 10-day moving averages. From a +72.70 high on January 15th, the index subsequently trended lower and turned negative on February 19th and fell to a -45.90 124-week low on April 7th . After a lag, the CESIUSD correlates with EPS revisions.
· Commodities prices are mixed, with higher energy, higher precious metals, mixed aluminum and copper, and mixed agriculture prices.
· The CBOE SPX Volatility Index (VIX) fell -8.13% to 10.73, compared to 11.68 at the prior close, its lowest closing low since March 14, 2013, when the VIX closed at 11.05. The VIX is -10.5% below the 11.99 20-day moving average. Its 30-day high is 15.28. Its 30-day low is 10.73. Its all-time closing low is 9.31 on December 22, 1993. The long-term average is 20.00.
· The Euro Stoxx 50 volatility index (V2X) is 13.565, up +0.76% from 13.46 at the prior day's close. The V2X index trades -13.4% below its 15.66 20-day moving average, -30.8% below the 19.70 30-day high, and +1.58% above the 13.35 30-day low.
· The Hang Seng volatility index (VHSI) closed at 13.57, down -1.17% compared to 13.73 at the prior close. The VHSI index trades -8.10% below its 14.77 20-day moving average. Its lowest historical close was 11.72, on June 30, 2005.
· CBOE SKEW (SKEW) rose +0.55% to 122.88, compared to 122.21 the prior session, above a neutral reading (115-120), but below 130, a level that correlates with short-term market tops. The recent record high was 143.20 on December 20, 2013. Its recent low was 112.47 on May 25, 2013. Spikes in excess of 130 correlate well with short-term market tops, though not in October or November. The index rarely falls below 110, last on July 31, 2009. The index correlates with market tail risks, the cost of buying out-of-the-money, long-dated options, i.e., options not affected by expirations. A rise suggests that investors are buying more puts than calls, a bearish signal.
U.S. Economic Reporting and News:
Overseas Economic Reporting and News:
- Japan - 1Q2014 QoQ GDP rose +1.6%, compared to +1.4% survey and +1.5% prior. May YoY bankruptcies fell 20.2%, compared to +1.66% prior.
- Eurozone - June Sentix investor confidence was 8.5, compared to 13.3 survey and 12.8 prior.
- Portugal - 1Q2014 QoQ final GDP fell -0.6%, compared to -0.7% survey and prior. YoY GDP rose +1.3%, compared to +1.2% survey and prior.
- United Kingdom - May Lloyds employment confidence was 4, compared to 1 prior.
Friday's Trade. On greater, but slightly below average NYSE volume, major U.S. equity indexes rallied moderately, with new record SPX, DJI, and NYSE composite closes. Notably, the DJ Transport (TRAN) also closed at a new record. The SPX, DJI, Nasdaq, and NYSE composite closed up +0.46%, +0.52%, +0.59%, and +0.52%, respectively. The SPX, DJI, Nasdaq, and NYSE composite are at least +2.10% higher in 2014. Market breadth was modestly positive, with gainers 2.89x losing stocks. Most SPX market segments closed higher. Leaders were industrials, oil and gas, and financials, which closed up at least +0.67%. Laggards were telecommunications, which rose +0.01%, and health care and utilities, which fell at least -0.12%.
Other notable indexes also rose. The Russell 2000 (RTY) rose +0.52%, but remains -3.59% below its March 4th record close. The Nasdaq Internet Index (QNET) rose +0.71%, but remains in correction, -12.0% below its March 6th closing high. The Nasdaq Biotech Index (NBI) rose +0.42% and is no longer correcting, down -9.94% from its recent February 25th record high.
NYSE volume rose +1.86% to 640.32 million shares, compared to 628.63 million shares the prior day, 0.999x the 640.78 million share 20-day moving average volume. Bond markets weakened slightly. The U.S. 10-year yield opened at 2.5806%, and traded narrowly through most of the session, with greater volatility immediately following the 8:30 release of the May unemployment report, with an immediate 2.6004% intraday high, followed immediately by the 2.5294% intraday low. On the session, the yield rose +0.45 bps to 2.5869%, compared to 2.5824% at the prior close.
From its prior day 1940.46 record SPX close, June 2014 SPX futures (SPM4) suggested a moderately higher open. The index gapped higher to open above 1943 and rose to 1949 by late morning, then eased below 1947 by late afternoon, when the index rallied to close at the 1949.44 intraday high, another record close. The index closed +81.4% above the 1074.77 October 4, 2011, intraday low, the bottom of the most recent correction.
From its prior day 8,140.08 close, the DJ Transportation index (TRAN) rose +0.86%, compared to the DJI's +0.52% gain. The TRAN gapped higher to open at 8,150, then trended higher through the session to end at the 8,209.96 intraday high. Volume fell -0.19% to 12.272 million shares, compared to 12.294 million shares the prior session, and 1.12x the 15-day moving average volume. The TRAN closed +2.98% and +5.97% above its 20- and 50-day moving averages, and +8.58% and +13.5% above its respective 100- and 200-day moving averages.
Market volatility fell -8.13%, as the CBOE SPX volatility index (VIX) closed at 10.73, compared to 11.68 at the prior close, its lowest close since late 2006. The index set an early 11.39 intraday high, but trended lower through the session and closed at the 10.73 intraday low. The VIX's all-time closing low is 9.31, on December 22, 1993. Its record high is 89.53 in December 2008. Its lifetime average is 20.01. The CBOE put/call SKEW rose +0.55% to 122.88, compared to 122.21 the prior session, above a neutral 115-120 range, but below 130, a level that correlates well with short-term market tops.
The market's technical factors strengthened. The SPX relative strength (RSI) rose to 73.25, compared to 70.82 the prior day, moving farther above a neutral range, far better than an oversold 31.24 on February 3rd. The RSI is also above an overbought 71.26 on December 31st, when the SPX closed at an earlier record high, and compares to earlier oversold levels of 35.14 on August 27th and 39.19 on October 9th.
Last week, the SPX, DJI, Nasdaq, and NYSE composite closed up +1.34%, +1.24%, +1.86%, and +1.38%, respectively. The prior week, the SPX, DJI, Nasdaq, and NYSE composite closed up +1.21%, +0.67%, +1.36%, and +0.70%, respectively. In May, the SPX, DJI, Nasdaq, and NYSE composite closed up +2.10%, +0.82%, +3.11%, and +1.22%, respectively. In April, the SPX, DJI, and NYSE composite closed up +0.62%, +0.75%, and +0.94%, respectively, while the Nasdaq closed off -2.01%.
In 2014, the SPX, DJI, Nasdaq, and NYSE composite are up +5.47%, +2.10%, +3.47%, and +4.84%, respectively. In 2013, the SPX, DJI, Nasdaq, and NYSE composite closed up +29.6%, +26.5%, +38.2%, +23.2%, respectively. All closed at least +5.91% higher in 2012.
KBW Bank Index (BKX). On greater and above average volume, the BKX rose +0.80% to 70.82, compared to 70.26 at the prior day's close, its 2nd consecutive close above 70, but -2.87% below its 72.91 March 20th post-2008 closing high. In early trading, the index opened higher and set an early 70.32 intraday low, then rose through the morning session to an early afternoon 70.96 intraday high. The index trended lower to 70.70 in the final hour, then improved into the close. Volume rose +26.7% to 43.816 million shares, compared to 34.578 million shares the prior day, and 112.4x the 38.996 million share 15-day moving average.
Large cap banks underperformed the regional banks, as the KBW regional banking index (KRX) rose +1.13%.
This week, the BKX closed up +2.77%, compared to a gain of +1.16% the prior week. In May, the BKX rose +0.70%, compared to April, when the BKX closed off -5.34%. In 2014, the BKX is up +2.25%, compared to the SPX's +5.47% gain. In 2013, the BKX rose +35.1%, better than the SPX's +29.6% rise.
The BKX is now +19.7% better than the June 24, 2013, 59.19 close, its worst since May 13, 2013. The index crossed above 50 on December 17, 2012, 60 on May 15, 2013, and 70 on January 8, 2014, but then dropped back below 70 on January 24th, which persisted until March 6th. On April 10th, the BKX fell below 70.00 and then eased consistently to the May 15th 66.81 closing low, its lowest close since early February. The BKX closed +117.5% above the 32.56 intraday low on October 4, 2011, the bottom of that year's correction. Large-cap bank stocks have outperformed the broader market's rebound, with the SPX up +81.4% in the same period.
The BKX index closed -41.5% below its February 20, 2007, record 121.06 high. The BKX is up +280.3% from its 18.62 March 6, 2009, closing low, its low during the 2008-09 financial panic.
Technical indicators were little changed. The index closed +3.41% and +2.40% above its respective 20- and 50-day moving averages, and +2.22% and +5.10% above its respective 100- and 200-day moving average. The 20-day moving average rose +14 bps to 68.49. The 69.16 50-day moving average fell -2 bps. Its 69.28 100-day moving average rose +1 bp, and the 200-day moving average rose +3 bps to 67.38. The 20-day closed (by -0.67 points) below the 50-day, and the negative gap narrowed +17 bps. The 50-day moving average closed (by +1.78 points) above the 200-day moving average, and the gap narrowed -5 bps. The 100-day moving average closed (by +1.90 points) above the 200-day moving average, and the gap fell -2 bps.
The directional movement indicator widened to +19.428, compared to +18.792 the prior day, its 9th consecutive positive reading and best since early April. Relative strength rose to 68.00, compared to 64.57 the prior day, in the upper end of a neutral range, up from the recent 32.95 low on February 3rd, but down from an overbought 75.56 and 71.88 on January 9th and 10th, respectively. The recent low RSI level was 31.08 on November 14, 2012, which is also the date of the BKX's 2012 closing low. Next resistance is 71.08; next support is 70.44.
SPX, DJI, RTY, TRAN, CCMP, NYA, VIX, SKEW, NKY, EURUSD, USGG10YR, HSI, SHCOMP, SX5E, CAC, DAX, FTSE, JPY, GBP, EUR