DAX: Desperately trying to hold above the trend line from 2016’s low & marginally less oversold in the process. Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

DAX SHORT TERM TRADER: Small short at 12535; stop well above 12600. Target 11700.

DAX POSITION TAKER: Short at 12650; stop above 12800. First target 12050, then probably more.

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Auditors on the rack Feasting on a carcass

City AM reports today that UK MPs, working on a joint select committee looking into the failure of Carillion, said auditing firms were ‘feasting on what was soon to become a carcass’ and this image ‘will not be lost on decent citizens’. Frank Field, work & pensions committee member said, PwC had ‘managed to play all three sides’ doing auditing, advising on pensions, and acting as special manager in the liquidation of Carillion. Over at KPMG, the Financial Times reports that the value of public sector contracts awarded fell by 80 per cent since 2015, scandals surrounding the Gupta family getting the ball rolling.

Transport for London yesterday dropped a £1 billion bomb of a deficit caused by fare revenues which are currently well below expectations and forecasts. Not only are passenger numbers down (despite record employment), but the number of journeys undertaken has fallen; government funding has also been reduced. Meanwhile the Santander cycle scheme, which was extended to Brixton yesterday, saw a record 10.4 million hires in 2017 and this January was its busiest on record. Leaner and greener transport?

Financial & Political Commentary

 

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