DAX: An inside day yesterday has done nothing to correct the very overbought situation. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Car-makers blame China And everyone else does too

As first quarter results roll off the printing presses, herd mentality and group- think are to the fore. Daimler, PSA and Volvo yesterday posted weaker than expected and smaller than last year numbers, saying operations in China were at the heart of the problem. More surprising perhaps was that Wall Street royalty 3M yesterday produced poor Q1 figures, saying it would cut 2000 jobs as part of its restructuring, also cutting earnings forecasts; shares fell 13 per cent to $190.72. Yesterday giant Caterpillar posted weak numbers suggesting Asia Pacific sales weren’t up to scratch.

In after-hours trading on Wednesday Microsoft briefly entered the $1 trillion club, joining Apple and Amazon, as its shares hit a new high at $130.87. This reflected a 14 per cent increase in revenue and 19 per cent in profits.

Financial Markets and Political Commentary
 

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