GBPUSD “..cable has retraced a Fibonacci 61 per cent of the losses since late June.” Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

China industrial production drops again To one of the lowest readings on record

Published this morning, and way below Bloomberg’s survey forecasts of an annualised 5.2 per cent growth, the August reading came in at 4.4 per cent, down from July’s 4.8 per cent. Rarely in its history going back to 1990 have we seen readings below 5 per cent, bar a few brief dips in Januarys and Februarys in the early 2000s. Separately, the Financial Times reports today that for the first-time Chinese corporations have become net sellers, to the tune of $40 billion, of global assets; they had been on a serious acquisition trail over the last decade or so.

Act first, think it through later, has been the classic knee-jerk reaction – and media coverage – to the drone strikes on Saudi Arabian oil installations. Needless to say, President Trump had something to say on the subject: ‘’There is reason to believe that we know the culprit, are locked and loaded depending on verification.’’

Financial Markets and Political Commentary
 

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