Wall Street had a mixed start to the day, as investors paused to survey global markets ahead of the latest round of US earnings.
Meanwhile, the Slovakian parliament continues to debate the expansion of the euro rescue fund, while Greece has been granted its latest trance of bailout funds.
By 3.45pm (London time), the Dow Jones was up 0.05% at 11438.97, while the S&P 500 had risen 0.32% to 1198.7. In London, the FTSE 100 recovered most of its losses and was down just 0.09% at 5393.99.
US rally stalls, fund managers lower
Yesterday's Columbus Day rally saw American Stocks make impressive gains, but things are a little quieter today as bond markets reopen.
Spread Betting traders are being somewhat cautious, ahead of the outcome of the Slovak vote and the beginning of the third-quarter earnings season.
Alcoa will take one of its four yearly turns in the spotlight today, and markets will be keeping a close eye on the aluminium producer's second-quarter figures.
Fund managers are under pressure on Wall Street today, after Franklin Resources said that assets under management had fallen from $716.4 billion to $659.9 billion during September. Franklin dropped 3.7%, while Legg Mason and Federated Investors fell 3.4% and 2.4% respectively.
Greece receives more funds
Unsurprisingly, officials from the troika overseeing the Greek situation have awarded its next tranche of bailout money to Athens. This provides the supplicant nation with funds to keep essential services going, or at least keep funding those services that are not being scrapped under German proposals.
However, the troika also said that Greece's fiscal deficit target for 2011 was no longer achievable, with the failure blamed on a further drop in GDP plus slippages in the implementation of austerity measures.
With Panglossian optimism, the group said that the 2012 deficit target would be met so long as there was a determined effort to put the austerity plan into place.
Greece has had many months to get its house in order, but the country is now in too deep. The most effective solution would be default and exit from the eurozone, but for now no European politician is willing to countenance this. The saga, as they say, continues.
Tough times for recruiters
Recruitment firm Robert Walters followed peer Michael Page in releasing its third-quarter earnings data, and its results echoed Michael Page in showing little growth in UK operations.
Its Asian division, the firm's most important element, saw net fee income (NFI) rise 18%, helping to offset a drop of 4% in UK work. Robert Walters added that the global environment had become more challenging, although new offices were still being opened. Shares in the firm fell 3% to 200p.
Mothercare boss departs
Mothercare shares have risen 8.7% today to 209.2p, on news that the incumbent chief executive is to step down.
Ben Gordon has overseen the direction of the company for nine years, but the last set of quarterly figures revealed a 9.6% decline in sales. It must be rather galling for Mr Gordon to see the shares rally so much on news of his departure, but Mothercare shares had fallen by around 70% this year, and are a third of the peak price seen at the beginning of 2010, when each share was worth 682p.
Investors will be hoping that his successor can turn around the fortunes of the struggling company.
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'Spread Betting Traders Cautious Ahead of Slovakian EFSF Vote', Article by IG Index, last update: 11-Oct-11
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