Italy s Mr Nobody. Giuseppe Conte is PM

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Stella Goodwin
5 years ago
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1 Italy s Mr Nobody Giuseppe Conte is PM After the best part of three months discussion the coalition partners suggestion of a complete unknown, with no political experience, was ratified by Italian President Sergio Mararella. This leaves the heads of both 5 Star and the League to carry on business as usual in parliament. The next step, choosing cabinet ministers, must also be ratified by the President, who appears reluctant to dispute decisions made by the coalition lest he seem partisan. Contrary to Turkish President Tayyip Erdogan s wishes, Turkey s central bank was forced to raise interest rates by 300 basis points to 16.5 per cent to try and stem the exodus from the country s currency. In line with other emerging market currencies, the lira has lost about 20 per cent of its value against the US dollar so far this year. Nicole Elliott

2 DAX 30 No longer overbought as suddenly, just like that, it takes a tumble. Momentum is now neutral but a close below trend line support would make in negative. Today Deutsche Bank announced another 7000 global job cuts as it share price hovers all too close to a two decade (maybe more) low. SHORT TERM TRADER: Tiny short at 13145; stop quite a bit above Target POSITION TAKER: Might re-sell depending on today and Friday s close ii

3 FTSE 100 Still overbought with Tuesday s dragonfly/shooting star doji at the centre of a three-candle evening star pattern which ought to mark an interim high. SHORT TERM TRADER: Tiny short at 7855; stop well above Target POSITION TAKER: New small short at 7799; stop well above First target iii

4 S&P 500 More small signs of instability yesterday with a hanging man candle. SHORT TERM TRADER: Short at 2725; stop above Target POSITION TAKER: Small short at 2720; stop above Target iv

5 BRITISH POUND/US DOLLAR The slide below is not as bad as it might have been because emerging markets are bearing the brunt of currency selling. More oversold than it has been since October SHORT TERM TRADER: Square. POSITION TAKER: Square v

6 EURO/US DOLLAR Probably only IG managed to post prices below yesterday evening. The euro trying to heave its way back above here this morning and is still very oversold. SHORT TERM TRADER: Long at ; stop well below Target POSITION TAKER: Square vi

7 GOLD Momentum is still bearish as it was Friday as we consolidate following Monday s hammer. SHORT TERM TRADER: Short at 1292; stop quite a bit above First target 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

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