FTSE “..perilously close to trend line support taken from 2009’s low.” Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

FTSE SHORT TERM TRADER: Will re-sell on a daily close below 6700.

FTSE POSITION TAKER: Short at 6770; stop well above 6900. Target 6200.

Fed infuriates Trump Raises interest rates again

As widely expected and loudly trumpeted, the Federal reserve, at yesterday’s FOMC meeting, increased the Fed Funds target rate by another 25 basis points aiming to keep this at a mid-point of between 2.25 and 2.5 per cent. Chairman Jerome Powell added, ‘’political considerations play no role in our decision about monetary policy.’’ The committee also trimmed expected increases in 2019 to two rate rises rather than the original three. This sent shares tumbling, including Facebook which lost 7 per cent of face value as it admitted to even more data breaches and Softbank, Japan’s biggest ever IPO, managed to drop 14.5 per cent from this week’s listing level.

Since 21:00 GMT yesterday all flights in and out of South London’s Gatwick airport have been cancelled because of reports that drones were spotted around the runway. Incoming flights were diverted to other airports and passengers were stuck in planes. Sussex police are investigating, this on one of the busiest of all holiday periods. Talk about ‘disruptive technologies’.

Financial Markets and Political Commentary
 

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