With impasse in Greek negotiations, which was par for the current course, I must confess to guffawing at the prospect of President Putin putting his heart and soul into Sunday’s cease fire in Ukraine. If it happens great: but rocking up 90 minutes late hardly ventures to suggest that he is really committed to the cause. I fail to see how any agreement can be meaningful until President Obama deigns to give some input. It matters not what I think! European markets initially reacted positively with DAX & CAC adding over 1%. We here in Old Blighty were more a tad more cynical. At 11.40am the FTSE was up 15 points at 6833. Volumes were more robust at this time than they have been in the last month.
Oils were strong with BP and Shell adding 0.75%. Banks were 2% better with RBS stand out at +2.5% and Barclays +2%. Mark Carney’s comments at the Inflation Report suggesting inflation would come out of negative territory in the 4th quarter, perhaps signalling an interest rate rise in early 2016, probably gave bank shares some momentum.
Of companies posting results today IMPS was +0.75%, Informa +2.5%, Rio +3.5% – mining was up an average of 2.5%. Post football announcement, SKY was down 1% and BT -0.25%. Keep an eye on Focusrite – up from issue price of 137p to 142p today.