Reuters reports today that in a survey carried out by Japanese news agency Jiji this week, Prime Minister Abe’s ratings slumped by 9.4 points to 39.3 per cent. He and finance minister Taro Aso are embroiled in a scandal of the dubious sale of government land to a school with links to Akie, Abe’s wife. Documents regarding the sale had been tampered with in what is believed to be an attempted cover up. The survey also found that 40.4 per cent of those questioned do not support him at all, because they do not trust him.
Because British firms must, banking giant HSBC yesterday reported the gender pay gap between male and female employees. It got worse in 2017, ladies paid 60 per cent less than men against a 59 per cent mean pay gap in 2016, City AM reports. When it comes to bonuses, women took home 84 per cent less than men. Elaine Arden, group head of the bank’s human resources said, ‘these issues are a challenge for our industry’. It is indeed, with Citi’s top dog Michael Corbat taking home $17.8 million last year, 369 times more than the average salary at the bank. Bank of America’s CEO Brian Moynihan pocketed $23 million in the same year, a chunky 250 times that of the median employee.
DAX 30
Marking time and momentum is no longer bearish.
SHORT TERM TRADER: Small short at 12425; stop above 12655. Target 12000.
POSITION TAKER: Looking to re-sell on a weekly close below 12000.
FTSE 100
Irrelevant price action yesterday, stuck at the bottom of triangle consolidation.
SHORT TERM TRADER: Looking to re-sell on a close below the bottom of the triangle and on a weekly one below 7100.
POSITION TAKER: Short at 7250; stop above 7300. Target the 6675 area.
S&P 500
The commodity channel index continues to point south. Though denied by the White House, the Washington Post reports that the US President has plans to fire his security advisor, H R McMaster.
SHORT TERM TRADER: Small short at 2760; stop above 2880. Target 2620.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Yesterday may have been a good day for Theresa May as NATO allies France, Germany and USA back her purge at London’s Russian embassy – but it’s had zero effect on this currency pair.
SHORT TERM TRADER: Small long at 1.3835; stop below 1.3780. Target 1.4100.
POSITION TAKER: Small long at 1.3775; stop below 1.3780. Target 1.4250.
EURO/US DOLLAR
Zero momentum as we remain stuck in the middle of a symmetrical triangle.
SHORT TERM TRADER: Small long at 1.2267; stop below 1.2250. Target 1.2500.
POSITION TAKER: Small long at 1.2270; stop below 1.2250. Target 1.2500.
GOLD
Nearly closing below the bottom edge of this year’s consolidation.
SHORT TERM TRADER: Will sell on a close clearly below the triangle’s trend line tonight.
POSITION TAKER: Square.
