Even Governor Mark Carney, decked out in that classic ‘salt & pepper’ tie couldn’t schmooze us or galvanise the market in to action. We sort of knew that the quarterly Inflation Report would clip a pip or two off GDP for 2017 to 1.9% down from 2% and to 1.8% in 2018 and that there would be no change in rates as the new found strength in Sterling would probably stop inflation breaching through 2.7% by the end of the year. Equities were comfortable in their own skin. Hence there is no prospect of a hike in rates in the foreseeable future. The FTSE was down just 10 points at 7375 at 3.30pm, despite dividend payments accounting for 15 points. Again conditions were not suited to resolute momentum trading. In fact it was all desperately dull.
Commodities and oil stocks were marginally under the cosh with banks and drugs enjoying a smidgen of success from the watery spring sunshine. Diageo, Unilever and Reckitt Benckiser also had their supporters. Of those companies that posted results – BT was down 4% – market needs to see some improvement from Openreach’s operations and broadband and less profligacy from sport. Mondi was down 2%. SuperGroup did not pass muster and eased by 5%, though the share are up 23%. Wall Street saw the DOW ease by 130 points.