FTSE: It’s taken just 2 working days to undo the rally of the previous 6 weeks..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.


US to impose import tariffs on EU exports Trains, planes and automobiles…

Retaliating against unfair subsidies given to Airbus, as decided by the WTO, from the 18th October there will be a 10 per cent tax on European aeroplanes bought in the States, 25 per cent on whisky and coffee, tools and machinery also. The list goes on with 25 per cent tax on cheese, olive oil and frozen meat and pork products, though no mention of Prosecco or wine – where the US is the biggest importer by value though not by volume; that accolade goes to Germany.

Data released yesterday show that last month, September, was a very poor time to be a car dealer or maker. Sales are expected to be down by a total 12 per cent, hardest hit Honda, Nissan and Toyota with double digit declines over 14 per cent. Ford sales dropped just 4.9 per cent while GM’s were actually up 6.3 per cent thanks to redesigned pickups and new crossovers. Separately, it is estimated that about one third of auto-loans currently being issued run to 7 years and that some lenders are contemplating going out to 8 years to increase the so-called affordability on car repayments. Ten years ago, only 10 per cent of car loans had 7-year maturities.

Financial Markets and Political Commentary


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