The boys and girls in equity markets had an uncomfortable feeling in their water this morning. New York found little joy yesterday. Bond yields in Europe were creating turmoil. No one believes a word Greece or the EU says on the Hellenic crisis. After Friday’s relief rally, with valuations starting to look a little rich, something had to give. …….And it did. We’ve had a bit of a shake out this morning with the FTSE losing 1.6% at 1.55am – down 112 points at 6917. The DAX has eased by 2% and the CAC by 1.7%.
It seems as though blood has been running down Threadneedle Street and Canary Wharf. There is hardly any blue. Selling has not been visceral; it just that sentiment has gone negative and hardly a sector has been immune for sledging!
Even IMPS and BATS are down 2.5%. Shell is 1% easier. The following have received some tap this morning – BP -0.7%, Barclays -1%, ITV -2%, GSK -2.5%, Astra -2.8%, Shire -1.5%, Vodafone -2%, BT -1%, Sky -2.5%, Centrica -2.5%, United Utilities -2.5%, M&S -0.7% and Next -1.75%. Of those companies that have reported results all but easyJET -10%!!, have done OK – Enterprise +1%, Just Retirement flat and Experian +1%