DAX: Slap two ailing banks together and what do you get? Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle


DAX SHORT TERM TRADER: Short at 11200; stop above 11755. Target 10400.

DAX POSITION TAKER: Short; stop above 11700. Next target at 10700.


EU firms rush to sign up with FCA
To operate in the City under current terms

This morning City AM reports that the international director of the Financial Conduct Authority, Nausicaa Delfas, has said that about 1300 EU firms wanted to sign up in order to use the FCA’s temporary permission regime. This would allow them to do business in the UK under current terms, without impediment, for the next three years. City minister John Glen indicated he was ‘extremely confident’ that the two sides would reach an ‘imminent deal’.

Also from City AM, the European Central Bank has closed Malta’s Pilatus Bank because of accusations of corruption, said the country’s financial watchdog. The processing of suspect payments was uncovered by murdered journalist Daphne Caruana Galizia, with the EU starting investigations only after her death in October 2017. The withdrawal of their banking licence is allegedly linked to money laundering on behalf of Azeri and Maltese nationals and rumours of Venezuelan public companies.

Financial Markets and Political Commentary



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