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European shares fell amid geopolitical risks

2018-12-06 09:24 am | Resource: News | No Views : 39



 A major fear factor - the US-China trade war - returned strongly to the spotlight and impacted stock valuations on Thursday, as well as the Breixt, the World Oil Agreement, Italy's budget dispute with the European Union and another series that continued to burn markets on their toes . Precious metals were in red.

Italian budget

Italian Deputy Prime Minister and political leaders of the ruling majority Luigi de Mayo and Matteo Salveni are determined to keep the target of the budget deficit for 2019 at 2 percent, Italian newspaper Republika reported on Thursday.

The deputies are scheduled to meet with Prime Minister Giuseppe Conte later in the day, where there is still no consensus on reducing the income of citizens and pensions, two major points of disagreement within the government. On the other hand, the House of Representatives is due to vote on the budget on Friday and is expected to appear before the Senate on Monday.

According to previous media reports, the European Commission will not accept even a target deficit of 2%. Conte is expected to submit a revised budget before the Brussels administration on December 11.

France will go to impose a digital tax if the EU does not decide

France will impose a tax on major technology companies operating in the country in 2019 if the EU fails to reach a consensus on this, French Finance Minister Bruno Le Mayer said on Thursday. Is still vowing to push for a bloc-level agreement.

"I will put myself to March to reach an agreement on a European tax on digital giants," Le Mer told local media. EU member states failed again this week to agree to introduce a special tax rate of 3% on big technology giants. The UK, Spain and Italy said earlier they would continue to impose a tax, regardless of whether there was a union-wide agreement, while Germany was France's main ally in calling for a tax on the whole EU.

German factory orders up 0.3% in October

On the data level, revised new factory orders in Germany posted a 0.3% rise in October from a month ago, the Federal Statistics Office (Destatis) said in a report released on Thursday. On an annual basis, new orders fell by 2.7% compared to the same month of 2017.

Domestic orders rose 3.2% in October, while foreign orders rose 2.9% y / y. At the same time, new orders from the eurozone rose 7.3% and new orders from other countries rose 0.3% month-on-month.

In October, orders for new intermediate goods rose sharply, rising 0.8% month-on-month, followed by capital goods that rose 0.4%. On the other hand, manufacturers of capital goods saw new orders fall by 1.7% on a monthly basis in October.

European Stocks Open
  • The FTSE 100 fell 1.16% in early trading in London. As of yesterday, all gains made since the end of 1999 have been cleared.
  • The DAX index fell 1.54%. Daimler shares fell 3.35%, more than all shares. Deutsche Bank fell to its lowest level ever.
  • The CAC 40 lost 1.07%. The Italian FTSE MIB Index was at 1.16% in the hole.

The euro was down 0.13% at $ 1.133 and 0.08% at 0.89038, while the pound was down 0.05% to hit 1.2725.


Other analysis

NASDAQ Technical Analysis 14 December 2018

Time frame Used - four hours The NASDAQ 100 is moving in a sideway direction in the near term. The Nasdaq 100 is still facing resistance and selling pressure around levels of 6864-6903, retreating downside to hit the NASDAQ 100 to the support level of 6644 forming a positive candlestick pattern. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Accordingly, we…

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