Trump cites national security. Blocks tech tie-up

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1 Trump cites national security Blocks tech tie-up Yesterday in a surprise move President Trump blocked Broadcom s proposed takeover of Qualcomm. Perhaps not household names in Europe but the fact that the former was prepared to relocate its headquarters from Singapore to Delaware, USA, where the target is based, hints at issues the Treasury Committee on Investment in the US raised earlier this month. Needless to say, Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns. City AM reports this morning that data from a recent survey by property firm Colliers International says 4 out of the top 10 European capitals to do business in are in Britain. London was top of the crop, mainly because of the quality of its services sector professionals. Paris, Madrid and Moscow came next, with Birmingham in 5 th place, Edinburgh in 7 th and Manchester at 10. Nicole Elliott

2 DAX 30 A nasty little shooting star type doji yesterday hints that moves above are likely to be unsustainable, especially as momentum remains bearish. SHORT TERM TRADER: New small short at 12425; stop above Target POSITION TAKER: Square ii

3 FTSE 100 Perhaps we have formed the third in a series of descending interim highs in what has turned out to be triangle consolidation. Note that momentum remains bearish. SHORT TERM TRADER: Square. POSITION TAKER: Short at 7250; stop above Target the 6675 area iii

4 S&P 500 Stalling at the Fibonacci 76.4 per cent retracement level and the commodity channel index might be starting to turn down. SHORT TERM TRADER: Square but might re-sell on today s close. POSITION TAKER: Square iv

5 BRITISH POUND/US DOLLAR As if the pound doesn t already have enough to contend with now we have the British government threating Russia with goodness only knows what - singlehandedly. Nevertheless, cable might see the MACD turn bullish today, which if it coincided with a break above the top of the triangle, should see momentum turn bullish. SHORT TERM TRADER: Small long at ; stop below Target POSITION TAKER: Small long at ; stop below Target v

6 EURO/US DOLLAR Bullish momentum has increased slightly as we hover at the centre of consolidation in a symmetrical triangle. SHORT TERM TRADER: Small long at ; stop below Target POSITION TAKER: Small long at ; stop below Target vi

7 GOLD Hugging the bottom edge of this year s consolidation range and momentum is just bearish. SHORT TERM TRADER: Will sell on a close clearly below the triangle s trend line tonight. POSITION TAKER: Square vii

8 Nicole Elliott is a long-standing Member 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