DAX dominated by topping activity, a head and shoulders, with momentum turning bearish on the close below the trend line.. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

President Trump to impose tariffs on Mexico To try and halt illegal migration

Starting on the 10th June at 5 per cent, and rising to a maximum 25 per cent by October, President Trump Tweeted: ‘’the United States will impose a Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP…until the Illegal Immigration problem is remedied…’’ Coinciding with the day Mexican President Lopez Obrador had started a formal process to ratify a trade deal with the US and Canada (USMCA), Reuters suggests it raises the risk of devastating economic relations with its biggest trading partner.

City AM reports this morning that banking giant HSBC is planning to cut at least 500 jobs in its investment banking division. The cuts to global banking and markets should start mid-June and continue through to year-end. Project Oak, as it’s been nicknamed, will allow the cost of redundancies to be carried by the parent company rather than individual divisions.

Financial Markets and Political Commentary
 

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