Rudderless markets meander

With bank holidays in Japan, Canada and the US this week, markets have a half-hearted feel about them.

It is a sign of the markets’ boredom with US political discussions and how long they have dragged on that they have remained relatively stable as the debt ceiling deadline edges ever closer. This serene feeling in equity markets has not transferred itself to the debt markets, however, which are having a small wobble.

Today is Columbus Day in the US, and we will not be seeing any economic or corporate data. Although not everything will be shut volumes of business will be on the low side and, without data, global traders will have little to give them a sense of direction.

The FTSE has spent most of the day drifting, though Johnson Matthey is one company bucking that trend. After it was upgraded to overweight by JP Morgan, the chemical company closed the first half of the day up 4.75% as it looked to make a fresh attack of its year-highs.

Another stock having a solid performance today is Vodafone, following the announcement that it has completed the takeover of Kabel Deutschland. This move gives it an even more solid and strategic coverage of the European cable market. 

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