DAX “..Obviously a monthly close below both of these lines would be fairly catastrophic.” Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

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

POSITION TAKER: Short at 12650; stop above 12655. First target 12050, then probably more.

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Nationwide house prices dip
Annual growth slows

Data out this morning from the Nationwide show that in February house prices dipped by 0.3 per cent taking the annual growth rate to 2.2 per cent from 3.2 in January.

Their chief economist said, ‘month-to-month changes can be volatile, but the slowdown is consistent with signs of softening in the household sector’. Yesterday data for mortgage approvals from the Intermediary Mortgage Lenders Association showed these soared at the end
of 2017 as compared to the same time the year before.

City AM says this was because better product availability, low interest rates, and competition
between lenders encouraged first time buyers so that 74 per cent of applications were approved, up from 53 per cent in 2016.

Singapore-based commodities trader Noble Group lost $4.9 billion in 2017 against a profit of $8.7 million in 2016. Believed to be the biggest ever corporate hit in the city state, the board noted it was satisfied the group could continue as a going concern until a $3.4 billion debt-for-equity deal kicks in.

Financial & Political Commentary

 

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