Cambridge-based British chip-maker ARM announced yesterday that it will suspend doing business with Chinese smartphone maker Huawei to comply with newly imposed US restrictions, City AM reports. Telephone companies EE and Vodafone have decided to cancel the launch this summer of 5G Huawei phones. China’s Hikvision, the world’s biggest CCTV camera manufacturer is threatened with blacklisting and has over 1 million cameras in use in the UK, including airports and the NHS.
Around 400 million voters will be able, as from today, to vote for the 751 members of the European Parliament; final results are due on Sunday. In the UK opinion polls put the Brexit Party in the lead. Across Europe so-called ‘populist’ parties are expected to make significant gains, shrinking the centre left Party of European Socialists and centre right European People’s Party to around 25 per cent of seats.
DAX 30
Hovering just above the neckline of the huge head and shoulders top which now coincides with trend line support taken from December’s low. Deutsche Bank today holds its AGM as its share price drops to a new record low .
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Backing off from Fibonacci 61 per cent retracement resistance of May’s small decline. Holding up despite the farce at Westminster.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 7275; stop above 7400. Target 6875.
S&P 500
Looking very much like the FTSE 100 but with a bit more bearish momentum.
SHORT TERM TRADER: Short at 2880; stop above 2960. Target
POSITION TAKER: Short at 2866; stop above 2900. Target 2740.
BRITISH POUND/US DOLLAR
Grim and grimmer as we march towards last year’s low (late December) at 1.2435. Then what can one hope for when the Leader of the House of Commons stepped down claiming Cabinet discipline had completely broken down.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Another currency inching towards this year’s low amid electoral uncertainty.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Clinging unsteadily to trend line support taken from last year’s low. A weekly close below here might set off another round of selling.
SHORT TERM TRADER: Considering selling again.
POSITION TAKER: Square.
