Mr Ma, founder and chairman of Alibaba, China’s online retailing giant, met President Trump in January 2017 and suggested that US merchants selling directly through his platform could create 1 million new jobs in America. Yesterday he told Xinhua news that due to Sino-US trade wars this was no longer possible. Tuesday, he described the trade frictions ‘a mess’, suggested they could last 20 years, reports CNBC, and earlier he had announced that he will step down from chairing the group within a year.
At almost midnight in Salzburg PM Theresa May was allocated 10 minutes in which to address the other EU leaders; she cannot join them today when they will be discussing Brexit – among other things. Before the dinner two told the BBC that Britain should hold a second referendum on whether to leave the EU, hinting that this was a widely-held view among all of them.
DAX 30
Rallying fractionally yesterday so that momentum turned bullish as feared.
SHORT TERM TRADER: Short at 11940; stop above 12240. First target 11600.
POSITION TAKER: Short at 11940; stop above 12400. Target 11000.
FTSE 100
Momentum is no longer bearish as this market gets used to trading under the channel and above 7200.
SHORT TERM TRADER: Short at 7280; stop well above 7400. First target 7100.
POSITION TAKER: Short at an average above 7300; stop above 7500. Target 6925.
S&P 500
No follow-through from Tuesday’s strong rally because momentum simply isn’t there.
SHORT TERM TRADER: Square
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Slight wobble around 1.3200 yesterday as August CPI unexpectedly rose to 2.7 per cent Y/Y, core also to 2.1 per cent.
SHORT TERM TRADER: Small long at 1.2925; stop below 1.3000. Target 1.3275.
POSITION TAKER: Long at 1.3110; stop below 1.2950. Target 1.3600, maybe more.
EURO/US DOLLAR
Bullish momentum low but steady as once again the euro is testing the top of triangle consolidation.
SHORT TERM TRADER: Looking to re-buy on a close clearly above 1.1700.
POSITION TAKER: Long at 1.1595; stop below 1.1600. Target 1.1785.
GOLD
Tempted to chuck in the towel as this market snakes its way nowhere.
SHORT TERM TRADER: Short at 1195; stop above 1220. First target 1160.
POSITION TAKER: Short at 1194; stop above 1215. First target 1160.
