S&P: This fractal patterning backs up our view that topping activity is happening..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

New tariffs on Chinese imports as from September 1st President Trump reiterates at an event in Cincinnati yesterday

Says he will impose ‘’a small additional tariff’’ on another $300 billion of Chinese goods imported into the US. ‘’We thought we had a deal with China three months ago, but sadly China decided to re-negotiate the deal prior to signing’’. He also suggested that these could be increased in ‘’stages’’ moving ‘’well beyond’’ 25 per cent despite his belief that President Xi is a friend and great person.

Sentiment data for the Eurozone published this week has been downbeat. The latest, published yesterday, show July manufacturing confidence sinking to its lowest level since 2012, the year Mario Draghi was forced to say he’d do ‘’whatever it takes’’ to keep the show on the road. Germany, with a reading of 43.2, was the lowest in the group and the lowest in years. Ireland also fell to a multi-year low, France dropped to 49.7, Spain to 48.2. In fact, all nations except Greece and the Netherlands had readings below 50, at which point contraction sets in. Worth noting that today all 28 EU finance ministers will vote via email for their preferred candidate from a shortlist for head of the IMF – something northern and southern countries have been unable to agree on for weeks.

Financial Markets and Political Commentary
 

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