Talking to an eminent investment guru two hours ago – the fourth since last night – The Slog still got the yes-and-no not sure could be maybe response. But the last of the quartet was saying that, without a rally some time in London this afternoon, the FTSE’s fall will be judged “a correction”.
The FTSE is down 0.7% thus far today. The eurozone markets tried a brief rally that went nowhere. Last night, Asian markets followed suit. What is being laughably described as “an unexpected clutch of news” and “global growth fears” around the World follows the usual pattern of ‘the Surprise of the Inevitable and The Growth we all knew went long Ago’ from Bears. AEP is calling for permanent QE (having another off his off/odd days). Yellen has been wheeled out to say she’s confident (always a bad sign) and the US futures are calling at least -1%.
With Europe’s ‘Fear Index’ smashing through the roof this morning, the New York exchange opened 90 minutes ago. A very brief strong start has been followed by more flat nerves. London is reflecting the second part of that as I write.
On verra, as we Frogbifs are wont to say.