FTSE: Still overbought as it stops suddenly. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

German factories take a hit Biggest fall in orders since 2009

May factory orders data published this morning in Germany were far worse than expected and showed the biggest fall since 2009. Month-on-month they fell 2.2 per cent versus the 0.2 per cent decline analysts had pencilled in. Over the last 12 months they have fallen by 8.6 per cent which compares to a 15.9 per cent drop in 1993 and the record low 28.2 per cent decline in 2009. Later today the United States publishes June employment data where an increase of 160 thousand jobs is the consensus expectation.

Southern California was hit at 17:30 GMT yesterday with an earthquake measuring 6.4 on the Richter scale, the most powerful one in 25 years. The epicentre was on the edge of Death Valley National Park and the city of Ridgecrest suffered the most damage; the mayor declared a state of emergency. They were dealing with many, but minor, injuries and the hospital was evacuated because the building was damaged. Multiple fires were triggered and gas leaks appeared.

Financial Markets and Political Commentary
 

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