FTSE..testing pivotal support around 7200 with a MACD that’s increasingly bearish. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle

 

FTSE SHORT TERM TRADER: Square but looking to re-sell on weak weekly closes.

FTSE POSITION TAKER: Short at an average above 7300; stop above 7535. Target 6925.

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Turkey to tackle inflation The Erdogan way

Turkish retail price inflation had hovered between 7 and 10 per cent per annum over the last decade. Since the Turkish lira began devaluing, CPI soared to 24.5 per cent in the year to September 2018. To tackle this, last month the central bank but up its key interest rate, something President Recep Tayyip Erdogan did not favour. Yesterday his son-in-law and finance minister Berat Albayrak urged businesses to voluntarily cut prices by 10 per cent; this was part of his ‘fully fledged fight’. He also urged citizens to report sudden price hikes so that the government could raid the inventories of shops, if necessary. Echoes of Venezuela where yesterday the IMF forecast inflation to rise to 1.37 million per cent, up from July’s 1 million. What is the point of an estimate like that?

Interviewed on CNBC yesterday, President Trump said he believed the Fed was raising rates too fast and that the economy doesn’t have an inflation problem. This despite unemployment dropping to its lowest in 49 years.

Financial Markets and Political Commentary

 

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