The European major indices are closing the day mostly higher. The one exception is UK’s FTSE 100 which fell after the Bank of England’s hawkish cut of 25 basis points. The expectations were for 7-2 split for a cut of 25 basis points. The actual final vote (it took 2 for the first time) was 5-4.

The Bank of England has now cut rates from 5.25% to 4.0% in the run to the downside.

Apart from the UK, the other major indices closed above and below 1% gains

A summary of the closing levels shows:

France’s CAC +0.97%
German DAX, +1.11%
UK’s FTSE 100 -0.69%
Spain’s Ibex +1.06%
Italy’s FTSE MIB +0.93%.

As London/European traders head for the exits, US stock indices are trading mixed. The Dow industrial average and the S&P are now negative after giving up earlier gains. The NASDAQ index is holding onto modest gains.

Dow industrial average -325.91 points or -0.74% at 43866. At session highs, the index was up 305 points
S&P index -7 points or -0.10% at 6338. At session highs the index was up 44.65 points
NASDAQ index +88 points or 0.41% at 21256. At session highs the index was up 238.73 points.
Russell 2000-15.32 points or -0.69% at 2205.80. At session highs the index was up 21.87 points

In the US debt market ahead of the 30-year bond auction at 1 PM, yields are mixed with the shorter end higher in the longer end lower:

2-year yield 3.721%, +2.1 basis points
5-year yield 3.772%, +1.0 basis points
10 year yield 4.226%, -0.5 basis points
30 year yield 4.789%, -2.2 basis points

a circle around other markets currently shows:

Crude oil $-0.39 at $63.92
Gold up $18.92 at $3387.
Silver up $0.36 at $38.17.
Bitcoin up $1700 at $116,798.

Looking at the US dollar, the greenback is mixed.

The biggest mover is the GBPUSD with a gain of 0.54% after the dovish cut from the BOE.
The USDJPY, USDCAD, AUDUSD are all little changed at less then 0.10% change.
The NZDUSD is up 0.24% and the EURUSD is down -0.17%