Punters and investors came to work in the wake of the content of the FOMC minutes which suggested a balance sheet haircut later in the year, slightly in trepidation as to what awaited them. The FTSE 100, in concert with New York and Asia danced from the same hymn sheet of mild despondency and opened down 65 points. It was oil, mining, pharmas and banks which all fell by an average of 1% that did the damage. As the session has progressed some of these losses have been impaired, despite the sight of the Giaconda but uncompromising smile of Donald Tusk on the steps of No: 10 and some bone-shattering coverage of the gas attacks in Syria sending shivers through decent members of the human race. At 1.30am the FTSE 100 is only down 36 points at 7295 and ten points of that loss is down to dividend payments by companies like NEXT. I keep saying this, but unless Trump fails with his budget plans and corporate earnings drop significantly, markets have a limited ability to fall. Why? The weight of money – no decent alternative asset class!


Of those companies posting numbers today easyJet is flat. Unilever – which reported its business plan is up 0.6%, having opened below the Plimsoll line. Homeserve heads for the ‘yellow jersey’ – up 8% and Mothercare’s outlook was encouraging – +3%. Dow futures are unchanged

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