FTSE: The daily MACD is resolutely bearish and now the index has retreated..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Don’t cry for me (again) Argentina Sunday election result a shocker

The first round of Argentina’s presidential election round, the final due in October, saw incumbent pro-business Mauricio Macri get just 32 per cent of the vote and Peronist Fernandez and his running mate Christina Kirchner grab nearly 50 per cent. Needless to say, the first thing to go yesterday was the currency, the peso shedding a cool 25 per cent of its value; then stocks, admittedly from close to record highs, were slashed by up to 40 per cent. The 100-year US dollar bonds they had managed to flog just two years ago suffered badly, also unsurprising thanks to their duration. Separately, in a recent poll on attitudes to international trade and globalisation, Argentines were at the bottom of the pile feeling it had a detrimental effect on their lifestyle and well-being.

Over the weekend accountancy firm KPMG deleted the profile of Tim Howarth, head of its financial services division, and confirmed this senior partner had left the company. ‘’We hold all of our people to a very high standard and take swift and appropriate action against any individual whose behaviour contravenes the firm’s values’’. He’s the third senior partner in 12 months to be investigated for misconduct.

Financial Markets and Political Commentary
 

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