FTSE: A small bearish engulfing candle yesterday has added to bearish momentum with a drop below 7400 accelerating..Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle

 

FTSE SHORT TERM TRADER: Short at 7455; stop above 7555; First target 7300.

FTSE POSITION TAKER: Took half of my profits just ahead of my first target at 7400; the other half I will run to 7100.

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Britain leads in finance A bit behind the US

Published today, a brand-new survey from the think tank New Financial rated countries, with a maximum score of 100, on how good they were at financial services. Using 42 different metrics, including managing assets, issuing equity, foreign exchange and derivatives, it gave the UK a score of 40, way ahead of any other European country. The next biggest rival was Luxembourg with a score of 26, Germany 23, France 22, Netherlands 21 and Ireland 19. Way out ahead was the US with 79, but it’s probably worth keeping an eye on China at 29. Underscoring EU banking woes this week both Societé Generale and ING have been fined for compliance and money laundering issues, Danske bank under investigation for years of laundering Russian money, Deutsche Bank to be dropped from the Eurostoxx 50 index because of the slump in its capitalisation, and Commerzbank likely to be dumped from the DAX 30.

Data out yesterday showed that South Africa this year suffered two consecutive quarterly declines in GDP, technically deemed as being in recession. Growth fell by 0.7 per cent in Q2, way below economic consensus of plus 0.6 per cent, and Q1 data was revised to down 2.6 per cent from a 2.2 per cent fall. Another emerging market currency on the skids.

Financial Markets & Political Commentary

 

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