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Trading volumes were already at summer lows but the impact of the London-wide tube strikes have seen equity markets almost grind to a standstill. Fortuitously both the Bank of England and the England cricket team were on hand to ensure that those city traders who did make it in to the office were richly rewarded.
The Bank of England’s governor Mark Carney has, however, found his rights to the “Super Thursday” tag - being stolen by England’s Stuart Broad - by posting the sort of figures that had almost all the city’s old boys sitting up and taking notice. Judging by the way the MPC voted, the British mortgage-paying public can rest easy for the time being, as there weren’t many itchy trigger fingers there.
Stephen Hester - no doubt emboldened by some expectation -results - has come out the traps shooting with his “put up or shut up” stance to Zurich’s advances towards RSA Insurance. The world’s largest mining company Rio Tinto has put a brave face on the struggling commodity markets, but even with cost cutting ahead of targets, the cooling Asian demand continues to hang over any future hopes for a revival in the firm’s short-term fortunes.
Any hopes oil traders might have had that the relentless over-supply to the markets was due a turn have been dented with the news that Saudi Arabia are looking to bolster their coffers with plans for $27 billion of sovereign debt issues.
The chances that the race to raise interest rates might turn back into a two horse challenge have been dented. Only one of the nine voting members of the MPC is looking for change and subsequently the FX market’s mid -2016 expectations remain unchanged. Those hoping for a little more adrenaline to be injected into the markets and an improvement to volatility will only need to wait until tomorrow’s non-farm payrolls for the next catalyst.