DAX: A tiny range this week and irrelevant price action despite more, weak German data. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.


DAX SHORT TERM TRADER: Short at 11600; stop well above 11800. First target 10800.


Abu Dhabi cuts new business with Goldman Sachs Because of Malaysian 1MDB scandal

Mubadala, Abu Dhabi’s sovereign wealth fund, says: ‘’we have suspended any activities with Goldman Sachs pending [the] outcome of litigation. The only exceptions are engagements signed prior to the litigation, which will continue as per contractual terms’’, reports the Financial Times. This follows Thursday’s ‘show cause’ letter from the Malaysian Securities Commission demanding the investment bank explain why they should not face disciplinary action.

Hong Kong’s Securities and Futures Commission has banned Swiss banking giant UBS from carrying out any initial public offerings on their stock exchange for one year, a first for the city. It was also fined HK$375 million, as were Morgan Stanley (HK$224 million), Merrill Lynch (HK$128 million) and Standard Chartered (HK$59 million). They are accused of sloppy work and lack of due diligence when sponsoring or bookrunning IPOs, thus failing to protect investors. Last year US$ 36.3 billion was raised there in IPOs, the world’s top spot.

Financial Markets and Political Commentary


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