DAX: Cold comfort..Note that momentum is nearly as bearish as late June. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle


DAX SHORT TERM TRADER: Short at 11600; stop above 11885. Target 11200.

DAX POSITION TAKER: Short at 12100; stop above 12000. New target 11200, the half-way mark of the rally that started late in 2016.


Italy sticks to its guns Approves spending plans

Yesterday evening the Italian government passed a draft budget for 2019, including a higher deficit target of 2.4 per cent to carry out its election manifesto. Some EU big-wigs have already disapproved of the idea. This will be reviewed in Brussels on Monday. Separately, Reuters reports that the European Central Bank will not help the country if either its government or its banks run into trouble. In order to be eligible for help, Italy would first have to apply for a bailout from the EU. So much for lender of last resort!

Today China and London-based HIS Markit, a publisher of bond market data, announced a tie-up to make the market more transparent. CNBC also reports that it’s the third biggest fixed income sector in the world, worth the equivalent of $12 trillion. Named the iBoxx ChinaBond Government and Policy Banks Bond Indexes, it’s quite a mouthful.


Financial Markets and Political Commentary



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