Data released by Japan’s Ministry of Finance overnight showed that, on an annualised basis, exports grew by just 0.1 per cent in November, from an 8.2 per cent increase in October. To make matters worse for this legendary exporter, imports grew by 12.1 per cent after surging 19.9 per cent in the year to October. The adjusted trade balance therefore slumped to a deficit of 492.2 billion yen, the lowest in almost 4 years and way below the surplus of between 500 and 1000 billion yen that predominated from the 1990s to the great financial crash.
Belgium has no government – again! Yesterday Prime Minister Charles Michel was forced to resign after losing a vote of no confidence submitted by opposition parties which had supported his minority government. After the 13th June 2010 general election, where 11 parties vied for the 150 seats in the lower chamber, it took 589 days to form a coalition government. This dubious record has now been surpassed by Northern Ireland which still has no government after 702 days.
BRITISH POUND/US DOLLAR
Front page of City AM today shows army boots marching in camouflage uniform with the headline: ‘TROOPS ON STANDBY FOR NO DEAL BREXIT’. More scatological press outlets suggested sacked Man Utd manager Jose Mourinho should be put in charge of negotiations to leave the EU. One really couldn’t make this up. Meanwhile cable continues in the recovery position.
SHORT TERM TRADER: Long at 1.2650; stop below 1.2475. Target 1.2875
POSITION TAKER: Square.