DAX: This hanging man type doji candle underlines the slightly precarious current situation. Chart & Analysis – Nicole Elliott, Investors Chronicle

 

DAX SHORT TERM TRADER: Short at 12960; stop above 13225 . First target 12700.

DAX POSITION TAKER : Square.
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Steinhoff stunner

Largest shareholder takes the reins

Tuesday night CEO of Steinhoff, the South Africa based Frankfurt listed retail conglomerate which owns Poundland in the UK, resigned with immediate effect because of accounting irregularities. Chairman Christo Weise, its biggest shareholder and one of a handful of the nation’s richest men, will take charge temporarily while PwC investigate s criminal and tax issues dating back to 2015 . Shares in the firm slumped by 72 per cent at one point yesterday, Bloomberg reports. They also say that €800 million 2025 bonds issued by the firm dropped from 90 cents in the euro at the beginning of this month to a low of 42 cents yesterday. The European Central Bank owns rather a lot of these.

A Survey by the British Institute of Directors found that 83 per cent of young entrepreneurs were upbeat about prospects for 201 8, City AM reports . Aware of challenges to the economy and from government policy, not forgetting trade deals with the EU, it prompted its director general in to saying, ‘ our start up founders are demonstrating that the British entrepreneurial spirit is alive and well.

Financial & Political Commentary

 

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