City AM writes that in a report published by big four accountancy firm Deloitte, UK high street stores are using record price discounting to make the most of impulse and last-minute shopping. This follows deep cuts over Black Friday and then a lull, footfall falling 0.9 per cent according to Springboard; this is expected to peak on Saturday 21st December. This data makes Mike Ashley’s Sports Direct increased profits all the more remarkable, his ‘green shoots of recovery at House of Fraser’ very welcome, explaining the 30 per cent share price rally yesterday.
Yesterday Jean-Paul Delevoye resigned as High Commissioner for pension reform – coinciding with a 12th day of strikes and protests in France over this very subject. Citing conflicts of interest – and not declaring the other 13 jobs he currently holds – this is a big blow to President Macron’s reforming zeal.
DAX 30
Not overbought, but hovering slightly precariously. Note that the SPD’s proposal to block Chinese firm Huawei from the G5 network puts it on a collision course with Angela Merkel’s CDU.
SHORT TERM TRADER: Square and will remain so over year-end.
POSITION TAKER: Square.
FTSE 100
A third consecutive rally on a big daily range has suddenly seen momentum turn very bullish.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Clearly overbought again as it inches to yet another new record high.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Easing off from an overbought reading as cable pulls in its horns – and PM Johnson brings back the threat of a no trade deal Brexit and the end of 2020.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Bullish momentum falling off quickly as prices hover at 23 per cent Fibonacci retracement support.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Lacklustre, with no momentum, and especially dispiriting when palladium trades at a new record $2000 per ounce.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1507; stop above 1520. Target 1448.
