The markets today seem uncomfortably chilled out to me. Despite quite disappointing GDP forecasts for many EU countries submitted by the European Commission – with Spain slightly better than expected at 1.2% and France disappointing – 0.7% in 2014 and 1.5% in 2015 with the whole region only expected to grow by 1.5% in 2015, equities across the region surprisingly more or less kept their poise – DAX was down 13 points at 3.40pm and the CAC easier by 30 points. The FTSE was down 10 points at 6475.

Volumes were sepulchral and the level of interest was derisory. It was those companies that reported that attracted most of the headlines – IMPS +4%, L&G +2%, AB Foods +4%, Persimmon +0.75% and 888 Holdings +3.4%, probably a bear squeeze rally. There is still a degree of cynicism about this on-line gaming operation towards its growth prospects going forward, despite superficially decent numbers. With oil falling by over 2% in value, BP and Shell suffered ‘the slings and arrows of outrageous fortune!’ – both down 2.5%

The Street of Dreams was also suffering from inertia – DOW+5 points and the S&P 500 -0.25%. Alibaba posted its first set of interim numbers posts its September IPO and they seemed to pass muster – profits up 45% to £2.79 billion against expectations of $2.74 billion. The shares fell 2% immediately and then rallied to sit up 3% at 3.45pm

These are David Buik personal views

Twitter – @truemagic68

David Buik

Market Commentator

D +44 (0)20 7886 2775
Panmure Gordon & Co
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