DAX: A dragonfly doji yesterday, denoting indecision, as we dither on the neckline..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Worst May on record
As Theresa May steps down as Conservative party leader today

Mrs May will, however, stay on as Prime Minister until a successor is chosen. Pity the poor UK High Street though, with a report from accountants BDO out today showing retail sales during the month of May this year were the worst on record. From a lousy 2.2 per cent drop in the volume of in-store sales this time last year, in May 2019 they fell by 3.3 per cent, a new record low for this series. A separate study conducted by the ONS in partnership with Ordnance Survey showed that of the 7,000 unique high streets studied just one third of addresses were being used for retail, commercial properties dipped to 31 per cent, and the rest are now residential.

Things are grim in Germany too, where data out this morning showed the trade balance shrank to €17 billion in April as exports dropped 3.7 per cent and imports just 1.3 per cent lower. In the same month industrial production fell 1.9 per cent on the month (weakest since August 2014), taking the annualised rate down to a negative 1.8 per cent.

Financial Markets and Political Commentary
 

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