DAX: Sloppy price action as we dither on the neckline of the massive head and shoulders that’s been building for months.. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Now India’s at it too
Reserve Bank of India cuts 25 basis points

The Financial Times reports that today the Indian central bank shaved another 25 basis points off the key interest rate, taking it down to 5.75 per cent. The third such cut this year, it follows very disappointing Q1 2019 GDP data released last week where the annualised rate of 5.8 per cent was the weakest in 5yyears; rarely has economic growth in this emerging market nation been below 6 per cent. Whether the move will result in much needed job creation is in doubt because the weak state of the banking industry in the country means that rate cuts are not being passed on.

Yesterday the European Commission wrote to the Italian government saying they hadn’t done enough to get their finances in order and comply with EU rules. They had not reduced their debt sufficiently and that a disciplinary process was ‘warranted’ and financial penalties were likely to kick in soon. Retaliating, Italian PM Giuseppe Conte and his two deputies put their squabbles to one side and questioned the Commission’s calculations.

Financial Markets and Political Commentary
 

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