S&P: Retracing over a Fibonacci 61 per cent of the slump in Q4 2018 yet weekly momentum has yet to turn bullish. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.





Yellow vests joined by red and yellow flags Both demanding change

For a 13th consecutive weekend protesters in France wearing high viz yellow vests demonstrated against the government of President Macron; he made no comment. In Madrid centre-right and far-right protestors swarmed the streets around Madrid’s Plaza Colon calling for early elections. Official figures put their numbers at 45,000; unofficial ones closer to 200,000. They are attempting to topple the minority government of socialist Pedro Sanchez (who holds just a quarter of the seats in parliament).

On Friday Moody’s upgraded their rating on Russian sovereign debt to Baa3 and improved the outlook to stable. This now means that the paper is categorised as investment grade by all major rating agencies. At the other end of the scale Germany’s Deutsche Bank was forced to pay 180 basis points over 2-year bonds to raise €3.6 billion and 230 basis points over the benchmark for 7-year funds. According to the Financial Times this is the highest financing rate on euro-denominated debt for a leading international bank this year.

Financial Markets and Political Commentary


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