Shape up or I m out. President Trump tells WTO

Transcription

1 Shape up or I m out President Trump tells WTO In an interview yesterday on Bloomberg TV US President Trump said, if they don t shape up, I would withdraw from the World Trade Organisation. Simultaneously the US and Canada are trying to reach a new trade deal by today; the self-imposed deadline is so that US Congress has the necessary 90 days to ratify the proposal. He s also rumoured to be planning to slap more trade tariffs on another $200 billion of Chinese exports as early as next week. Erkan Kilimci, deputy governor of Turkey s central bank, resigned yesterday ahead of an important monetary policy meeting on the 13 th September when a decision on interest rates is due; his successor will be chosen by President Erdogan, City AM reports. Nicole Elliott

2 DAX 30 Suddenly reversing Monday s rally after two tiny little candles, forming an irregular version of an evening start 4-candle pattern. We re back under Fibonacci 38 per cent retracement resistance and note that the 50-day moving average remains under the 200-day one. President Trump said that the EU s offer of a no-tariff deal on autos was not good enough. SHORT TERM TRADER: Short at 12635; stop above Target POSITION TAKER: Square ii

3 FTSE 100 Threatening the lowest weekly close in ages, under the psychological 7500 which happens to be Fibonacci retracement support. The index is not at all oversold and were we to settle today below 7500 we would be clearly back inside the range that had dominated for much of last year. Back in your box! SHORT TERM TRADER: Will re-sell on a close below 7500 tonight. POSITION TAKER: Small short at 7799; stop well above First target 7400, then iii

4 S&P 500 US media disappointed as the index drops for the first time this week. More importantly it has formed a small bearish engulfing candle and is threatening to drop back inside the broadening formation. SHORT TERM TRADER: Pondering a tiny short yet again! POSITION TAKER: Square iv

5 BRITISH POUND/US DOLLAR Struggling with the trend lines. A close above today would suggest that the drop below here was a false break and some sort of unnecessary extension. SHORT TERM TRADER: Looking to re-buy, maybe ahead of POSITION TAKER: Will re-buy on a close above today v

6 EURO/US DOLLAR Stalling around , consolidating in preparation for the next step higher. Like cable, the break below looks increasingly like an extension and false break. SHORT TERM TRADER: Long at ; stop below Target POSITION TAKER: Might consider going long around vi

7 GOLD Fairly irrelevant in the scheme of things right now. SHORT TERM TRADER: Square. POSITION TAKER: Square vii

8 Nicole Elliott is a long-standing member and Fellow of the Society of Technical Analysts and has taken over the IC s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting. The Financial Times Ltd Investors Chronicle is trademark of Financial Times Ltd. "Financial Times" and "FT" are registered trademarks and service marks of the Financial Times Limited. All rights reserved. No part of this publication or information contained within it may be commercially exploited in any way without prior permission in writing from the editor. Material (including tips) contained herein is for general information only and is not intended to be relied upon by individual readers in making (or refraining from making) any specific investment decision. Appropriate independent advice should be obtained before making any such decisions. Financial Times Business Limited does not accept any liability for any loss suffered by any user as a result of any such decision. Do remember, particularly if you are new to stock market investment, that the prices of shares and other investments can fall sharply. You may not get back the money you originally invested. Past performance is not necessarily a guide to the future. In comparing the investments described in this publication, you should bear in mind that the nature of such investments and of the returns, risks and charges differ from one investment to another. Smaller companies with a short track record by their nature tend to be more risky than larger, well-established companies. The investments and services mentioned in this publication will not be suitable for all readers. In some cases (for example, but without limitation, where an investment or service is provided by a party who is not authorised by the Financial Services Authority) you would not be protected by the investor protection measures required under the Financial Services and Markets Act 2000: for the sake of illustration only, you might not be able to claim under the Financial Services Compensation Scheme. Provision of the investments or services mentioned on this website may be restricted by law depending on the jurisdiction in which you are resident, and on what type of investor you are. If you have any doubts about the suitability or legality of any investment or service, you should take appropriate professional advice. The views and recommendations in this publication are based on information from a variety of sources. Although these are believed to be reliable, we cannot guarantee the accuracy or completeness of the information herein. While we require our journalists and editorial staff to comply with the Press Complaints Commission Code of Practice, you should be aware that they may have interests in investments and/or providers of services referred to in this publication. viii