SHORT MARKET UPDATE

London and Europe were having quite a good day – FTSE was up about 50 points at lunch. And then ECB President Mario Draghi comes out with his mumbo jumbo at the ECB meeting today President Mario Draghi, said that the economic recovery in the Eurozone is likely to be dampened – partly because of the UK’s Brexit vote. EU GDP was up 0.3% in the second quarter and according to the great Italian investment banker turned Central banker, economic recovery should proceed at a steady rate. It was a question of call for the code books such was the diversion of opinions in relation to his comments. So European markets gave up the ghost with the DAX shedding 1% leaving the FTSE 100 just above the Plimsoll line – up 7, 6855 at 2.50pm, recovering from down 20 points.

Oil stocks remain quite buoyant with the sector up just over 0.5%. Banks were initially quite buoyant thanks to HSBC being linked to buying the credit card operator MBNA. The local bank added 2% but is now up only 0.8% there being no substance to the rumour.

Zoopla had added 1% and Fenner is 6% to the good. Dixons Carphone has added 3.5% after good numbers. Micro Focus still owns the yellow jersey for this session – up 17% as a result of HP Enterprise potentially going in to their bin for £7 billion. Sports Direct is unchanged on yesterday. Pearson continues to suffer on a downgrade – -6%. DOW is down 70 points

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