Bloomberg reports that this morning Swedish SVT television claimed that a big 3 Swedish bank (SEB) found its Baltic operations had failed to report suspicious money flows, possibly linked to Russian tax evasion. This follows similar accusations at Swedbank and Denmark’s Danske Bank. It comes days after Australia’s Westpac was accused of 23 million money-laundering breaches and Citi’s £44 million fine dished out yesterday by the Bank of England for falling short of financial information standards between 2014 and 2018.
The fallout from the investigation into the car bomb murder in Malta 2 years ago of investigative journalist Daphne Caruana Galizia has taken a very serious turn, writes City AM. Last week businessman Yorgen Fenech was detained as a person of interest in the probe. On Monday middleman to the plot Melvin Theuma was granted a presidential pardon in return for evidence from audio recordings. Yesterday Malta’s chief of staff Keith Schembri and tourism minister Konrad Mizzzi resigned because of their links with the businessman. Then economy minister Christian Cardona said he was ‘suspending himself’ from his duties until the murder investigation was concluded.
DAX 30
No momentum whatsoever. Over in the UK the Society of Motor Manufacturers and Traders said that the car industry was locked in the ‘’fight of our generation’’ warning investment could dwindle to levels ‘’barely enough to keep our existing plants operational’’.
SHORT TERM TRADER: Short at 13200; stop above 13375 with a target at 12335.
POSITION TAKER: Square.
FTSE 100
Momentum is barely bullish and we formed another doji yesterday with a potential spike high today.
SHORT TERM TRADER: Short at 7370; stop above 7435. Target 7175.
POSITION TAKER: Short at 7300; stop above 7435. Target 7100.
S&P 500
Clearly overbought again as we inch by a pip or two to new record highs here and in the Dow Jones Industrial Average.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Another market with zero momentum, but then again that shouldn’t be a surprise seeing as tomorrows is a US Thanksgiving holiday in the US and Sunday is the first one in Advent.
SHORT TERM TRADER: Small long at 1.2950; stop below 1.2800. Target 1.3350.
POSITION TAKER: Long at 1.2950; stop below 1.2750. Target 1.3350.
EURO/US DOLLAR
Stopped in its tracks
SHORT TERM TRADER: Short at 1.1050; stop above 1.1100. Target 1.0930.
POSITION TAKER: Square.
GOLD
Holding at the lower end of this month’s range.
SHORT TERM TRADER: Short at 1520; stop above 1500. Target 1440.
POSITION TAKER: Short at 1507; stop above 1520. Target 1440.
