DAX: Bouncing from this week’s low but capped again at Fibonacci 38 per cent retracement resistance. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.


German data disappoints Looking ahead and looking back

Yesterday morning the respected ZEW institute released August sentiment data showing the current situation had deteriorated to -13.5 from -1.1 in July. Far worse, the expectations reading collapsed to -44.1 from -24.5, the lowest level since December 2011 (following which the ECB’s Draghi was forced into his ‘whatever it takes’ mode), in turn the weakest reading since December 1992 when Germany was ‘the weak man of Europe’. This morning Q2 GDP data dipped 0.1 per cent on the quarter taking to annualised rate to flat – no growth.

Yesterday the Trump administration rolled back September’s proposed import tariff hike on Chinese goods to the 15th December. Products such as: ‘’cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing’’; just in time for Christmas shopping.

Financial Markets and Political Commentary


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