European shares close sharply lower on trade worries

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Major indices are close lower

The European shares are closing lower on trade worries as the final month of the year gets underway.  The indices are lower despite better-than-expected PMI data out of Europe  (although they are still motly below the 50 level).  The provisional closes are showing:

  • German DAX, -1.95%
  • France’s CAC, -1.9%
  • UK’s FTSE, -0.84%
  • Spain’s Ibex, -2.07%
  • Italy’s FTSE MIB, -2.28%
  • Portugal’s PSI 20, -0.77%

In the European debt market, 10 year yields are sharply higher as investors dump debt instruments. Italy’s 10 year note is up 10.8 basis points. France’s 10 year note moved up 7.7 basis points and back above the 0.0% level.

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