DAX “..we have in place a new interim high.” Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle

 

DAX SHORT TERM TRADER: New small short at 12215; stop above 11570. Target 11050 and then 10570.

DAX POSITION TAKER: Short; stop above 11600. Next target at 10700.

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Deadbeat down under Australian economy slows

Data out this morning showed that Australian GDP rose by 0,.3 per cent Q/Q (half of consensus estimates), from 0.9 per cent growth in Q2 2018, taking the annualised rate down to 2.8 per cent in Q3 from 3.1 per cent in the previous quarter. CNBC blames this on tepid wage growth which has meant people are less willing to spend. They believe that this news will not be welcome by the Reserve Bank of Australian nor by the ruling centre-right government which is lagging in the polls ahead of a probable election in May.

Today is a national US holiday in memory of ex-President George Bush senior who’s funeral is today and will be attended by President Trump and his wife; financial markets are closed, explaining in part yesterday’s steep losses on Wall Street. The Jewish festival of Chanukah continues until the 9th December; a Menorah Lighting Ceremony takes place at 17:30 today in Trafalgar Square, London.

Financial Markets and Political Commentary

 

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