At 11.45am the FTSE is up 9 points at 6345. Mary Magdalene would have been very comfortable here. It is just so comfortable and excruciatingly boring. It is so frustrating it is like pulling teeth. Oils are down 0.5%, Drugs are unchanged, telecoms are -0.5%, media a little mixed.


Glencore is down 2% – by recent standards that is nothing. Rolls Royce is 1.5% better.  Of the companies posting results only Hays stood out negatively.  It opened down 5.5% came back to breakeven and is now 7.5% down – why? No idea!


Deutsche Bank is up 0.5%.  What a result for this titanic German bank!  There are ugly rumours flying around suggesting a mega merger with Barclays or Lloyds Banking Group.  I don’t believe a word of it!  Don’t shoot the messenger.  It couldn’t be Barclays – both trying to trip down investment banking.  Could Lloyds want more global exposure? Possibly, but not investment banking!


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