At 3.00pm the FTSE is up 22 points at 6992. The performance is nothing like as spectacular as the DAX and CAC – both up 1.7% – most of the rally is down to the weakness of a failing Euro. Volumes have been light. The strength of the Dollar has taken the gilt off resources and oil sectors’ ginger bread! – Down by varying degrees between 1 and 4%. Media stocks have been strong with ITV and Sky both up 1.5%. Pharmas have also enjoyed a decent run on the rails with Hikma and Shire both up 1%. Tobacco stocks have also captured some interest – BATS & IMPS up about 1%.

 

SAB Miller and Diageo are also 1% to the good. In the case of M&S it is only 0.25% having done well on Friday and Monday ahead of tomorrow’s results, when an increased profit to £648 million is expected – a far cry from the £1 billion made in 1997 and 2007.

 

Inflation at -0.1% hardly caused a flicker and the Street of Dreams is down 6 points (DOW).

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