FTSE: A large dragonfly doji yesterday probably marks this week’s low. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Reserve Bank of India trims repo rate by 25 basis points To 5.15 per cent, and as expected

The fifth cut this year as the RBI struggles to keep up with a slowing economy, despite September’s corporate rate tax cut from 35 to 25 per cent. The MPC has also revised down economic growth forecast from 6.9 to 6.1 per cent in the financial year to 2020, and inflation should come in just under 4 per cent. This is the same central bank which earlier this week posted the following Tweet on Twitter: ‘’RBI would like to assure the general public that Indian banking is safe and stable and there is no need to panic on the basis of such rumours’’ [that two lenders and a mortgage company were in trouble].

The art circus is in full swing in London now that the kids are back at school. Yesterday at auction house Sotheby’s a large painting by street artist Banksy fetched £9.9 million (nearly 5 times the original estimate) – and didn’t self- destruct. It features rows of chimpanzees sitting in the House of Commons at Westminster and its title is ‘Devolved Parliament’.

Financial Markets and Political Commentary
 

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