08:05am   No trading planned for today, I am visiting a friend in Portugal to finalise a new trading system that will be available at the end of the week. Back in the UK on Thursday if all goes to plan.

Market Update:

European markets finished mainly higher on Monday despite concerns over impending trade wars with the U.S. although the Dow Jones and S&P-500 ended in negative territory later in the day as President Trump brought in tariffs for imported steel and aluminium. The 25% steel and 10% aluminium tariffs are prompting concerns in Wall Street that affected countries will introduce tit for tat taxes in retaliation although Mexico and Canada are exempted and other countries are now beginning to negotiate some sort of deal with the U.S.  Corporate earnings/profits are ultimately what drives the equity markets and if tariffs are imposed on U.S. companies as a retaliatory measure then earnings from exports are going to be lower an this is what is worrying traders at the moment.

The overnight Asian trading session was hit by the negative sentiment in the U.S. and stock markets in Australia, China and Hong Kong fell although Japan and South Korea ended slightly ahead. As expected, the major steel and aluminium producers in the area were hardest hit and going forward, steel producers from South Africa, Australia, U.A.E.,Japan, Vietnam, Thailand,  South Korea, and Argentina are most at risk of displacement from Trump’s tariff decision.

The value of Gold has slipped in overnight trading as traders await news on U.S. consumer price data which is due out later today, it has reversed at the 20-day moving average and now looks to be heading towards $1307 – subscribers to my daily Trading-Guidance sheet have already been sent full details of this expected move.  Oil is continuing to be weighed down by rising U.S. production and stock levels, WTI Crude closed Monday’s session at $61.37, losing 80 cents on the day and is now looking to be falling to the $60.00 ‘Big’ number.