FTSE: Being neat and symmetrical means it has a greater chance of meeting its first measured target at 7450. Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

FTSE SHORT TERM TRADER: New short at 7590; stop above 7725. Target 7450.

FTSE POSITION TAKER: Square.

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UK car output falls First time in 8 years

The British Society of Motor Manufacturers and Traders announced yesterday that only 1.67 million vehicles were made in the UK in 2017, a drop of 9.8 per cent from the previous year and the first annual reduction since 2009. Export demand, which accounts for nearly 80 per cent of UK car output, fell just 1.1 per cent. Meanwhile in the USA iconic motorbike manufacturer Harley Davidson said it is to close its plant in Kansas City, Missouri. Shipments hit a six-year low as its customer base ages.

President Trump’s first State of the Union address yesterday in Congress was intended to bring the two parties ‘together, building a safe, strong and proud America’. He then added, ‘we have created 2.4 million jobs, unemployment claims have hit a 45-year low, small business confidence is at an all-time high. The stock market has smashed one record after another’. Oh dear!

Financial & Political Commentary

 

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