City AM reports this morning that in a report seen compiled by real estate advisor CBRE, the value of retail property in the UK tumbled by 1.9 per cent in November, the biggest slump since May 2009. Lower rents, new vacancies and profit warnings are to blame. The average value of Britain’s retail warehouse properties fell by 3 per cent, driven by the 5.3 per cent fall in capital values this year.
As if President Macron didn’t have enough to be getting on with, Gilets Jaunes threatening a comeback this Saturday, yesterday at a Christmas fair in the heart of old Strasbourg a French-born local opened fire killing 3 and wounding 12. New estimates for France’s debt to GDP in 2019, including the minimum wage hike and cut to pensioners’ taxes he announced on Monday evening, mean the 3 per cent ceiling looks set to be exceeded. This will not be a first as in the 10-years preceding Macron’s rise to power it was broken every single year. The trouble is, it now coincides with Italy’s tussle with the European Commission.
DAX 30
Bearish momentum remains strong despite this week’s feeble attempt at a bounce.
SHORT TERM TRADER: Small short at 12215; stop above 11000. Target 10570.
POSITION TAKER: Square and looking to re-sell as close to 11100 as possible.
FTSE 100
Bearish momentum remains steady as the market struggles with first Fibonacci retracement resistance at 6880.
SHORT TERM TRADER: Will re-sell on a sustained break below the bottom of the broadening top chart pattern.
POSITION TAKER: Short at 6770; stop well above 6900. Target 6200.
S&P 500
Wall Street thrashing around yesterday looking for direction, the S&P 500 ending up in a shooting star/doji candle.
SHORT TERM TRADER: Will re-sell on a daily close below 2600.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Oversold again as the media frenzy over UK politics goes into overdrive.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Still in triangle consolidation but this is unlikely to last much longer. No signs as to the direction of the next leg.
SHORT TERM TRADER: Long at 1.1395; stop below 1.1260. Target 1.1600.
POSITION TAKER: Square.
GOLD
Just can’t seem to find my way out of this mess of a chart.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
