S&P: Overbought like the previous two as we leap up towards the top of a broadening top formation..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

China’s UK ambassador speaks out Reprimands British interference in Hong Kong

In a highly unusual move the Chinese embassy called a press conference in London yesterday where ambassador Liu Xiaoming told the UK to keep its ‘’hands off Hong Kong and show respect. They forget that Hong Kong has now returned to the embrace of the motherland’’. Foreign minister Jeremy Hunt then summoned him to the Foreign Office, a move diplomatically seen as a rebuke. Today in mainland China state media are blaming Western governments for the unrest in Hong Kong, ‘even though their actions have caused misery and chaos in country after country in Latin America, Africa, the Middle East and Asia. Now they are trying the same trick in China’.

Many bonds rallied, and yields on some slumped to new record lows, as the choice of Christine Lagarde to head the ECB is viewed as a dovish move which will continue the status quo for another 5 years. Today is the Independence Day holiday in the US and President Trump is said to have planned some fairly spectacular celebrations in Washington. One wonders whether he’ll Tweet about US stock indices where the S&P 500, Nasdaq, and Dow Jones Industrial Average all set new record closing highs.

Nicole Elliott

Financial Markets and Political Commentary
 

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