DAX “Rushing around like a headless chicken as the index tried to keep inside the potential broadening top chart pattern” Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

EU’s 42-page negotiating mandate published yesterday Trade talks to kick off next Monday in Brussels

Ambassadors from the remaining 27 EU countries yesterday published the outlines of their negotiating stance, and once again reminded that the process would be ‘’very hard’’ and might fail if the Irish border isn’t secured. Reuters reports. Some say their section on financial services is particularly vague with no date for an ‘assessment of equivalence’’. Britain publishes its stance tomorrow. Separately, Barney Reynolds, specialist financial regulation lawyer at Shearman & Sterling, believes that UK supervision of many of the EU’s biggest banks ‘’has protected the world’s financial markets from significant oversights in EU law’’ because EU financial regulations misrepresent the risk levels of Eurozone debt.

Data published overnight by the British Retail Consortium showed that the shop price index fell again in January, increasing to an annualised 0.6 per cent decline from December’s 0.3 per cent fall. Driven by weak consumer demand non-food items fell in value at the fastest pace since May 2018. Anecdotally I’ve heard that staff at German discounter supermarkets have been put on very reduced hours as consumer demand, even for food, is off significantly – as it often is at this time of year.

Financial Markets and Political Commentary

 

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