DAX: Bursting back up to May’s high which lies at a Fibonacci 76.4 per cent retracement of this year’s drop from the record high..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle

 

DAX SHORT TERM TRADER: Stopped myself out at a small profit.

DAX POSITION TAKER: Stopped out of my short position at a small loss.

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ECB bond buying ending soon Rates on hold

At yesterday’s monetary policy meeting in Riga Mario Draghi, head of the European Central Bank, said that monthly purchases of sovereign bonds would be halved from September to €15 billion and phased out at year-end. He also said that the key interest rate would remain at current levels ‘at least through the summer of 2019’. Today, as expected, the Bank of Japan made no changes to its interest rate policy.

In a report out yesterday Boston Consulting Group found that wealth held by the world’s richest millionaires surged by 50 per cent in 2017 as they enjoyed the benefits of an equities and asset bull market. Globally personal financial wealth stood at $200 trillion in 2017, up 12 per cent over the previous year; the UK holds 5 per cent of this with $9 trillion

Financial Markets & Political Commentary

 

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