DAX: A brief spike below 11400 and settling above that might be seen as a positive sign by the bulls. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Hong Kong nerves rattled further
Ambassador’s comments, inequality and now banks

At a press conference yesterday Liu Xiaoming, Britain’s Chinese ambassador, warned that Hong Kong cannot fall into a ‘’dangerous abyss’’ by protestors who are showing ‘’signs of terrorism’’. Adding that his government ‘’will not sit on its hands’’, that ‘’we are fully prepared for the worst’’ and that they have the ‘’power to quell unrest’’. Meanwhile it’s estimated that Hong Kong’s super-rich have lost the equivalent of US $15 billion recently, laying bare the huge increase in inequality in the territory since 1997. Now prominent HK activist Chen Haotian has urged citizens to withdraw all their bank deposits from commercial banks today, causing a run on financial services.

Penned by Harry Markopolos, the man who uncovered Madoff’s Ponzi scheme, and published yesterday by Forensic Decisions PR, a report suggests that US giant GE is insolvent. Alleging the company’s financial filings were hiding potential debt of US $38 billion, which would put the firm’s debt- to-equity ratio at 17:1 instead of the stated 3:1, shares on Wall Street slumped by 11 per cent .

Financial Markets and Political Commentary
 

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