GBP/USD: Strongest daily close since before the referendum & cable’s retraced a Fib 76.4 per cent of post 25 June 2016 losses. Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

GBP/USD SHORT TERM TRADER: Small long at 1.4125; stop well below 1.4120. Target 1.4440.

GBP/USD POSITION TAKER: Square and looking to re-buy.

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Deutsche Bank in the dumps Third consecutive annual loss

The Eurozone bank reporting season is in full swing and some parts of the curate’s egg are ugly indeed. Germany’s biggest bank lost €2.19 billion in Q4 2017, caused by a combination of poor trading revenues, divestment costs, restructuring charges, US tax changes and fines; this took the whole year to a loss of €497 million while revenue is at a 7-year low. Ever the optimist CEO John Cryan said, ‘we believe we are firmly on the path to producing growth and higher returns with sustained discipline on costs and risks.’

Data from the UK’s ONS yesterday saw another 800,000 millionaire households created between 2014 and the latest data (for 2016). Total British wealth now stands at a nominal £12.8 trillion where the mean is £259,400. There are 3.6 million homes which have over £1 million in assets and just as many which have just £20,000. Contrary to current conventional wisdom, the Gini coefficient has dropped a pip to 0.62 from 0.63 meaning that inequality has shrunk slightly.

Financial & Political Commentary

 

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