DAX: Momentum is now neutral but a close below trend line support would make in negative. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle


DAX SHORT TERM TRADER: Tiny short at 13145; stop quite a bit above 13200. Target 12400.

DAX POSITION TAKER: Might re-sell depending on today and Friday’s close.


Italy’s Mr Nobody Giuseppe Conte is PM

After the best part of three months’ discussion the coalition partners’ suggestion of a complete unknown, with no political experience, was ratified by Italian President Sergio Mararella. This leaves the heads of both 5 Star and the League to carry on business as usual in parliament. The next step, choosing cabinet ministers, must also be ratified by the President, who appears reluctant to dispute decisions made by the coalition lest he seem partisan.

Contrary to Turkish President Tayyip Erdogan’s wishes, Turkey’s central bank was forced to raise interest rates by 300 basis points to 16.5 per cent to try and stem the exodus from the country’s currency. In line with other emerging market currencies, the lira has lost about 20 per cent of its value against the US dollar so far this year.

Financial Markets & Political Commentary



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