Yesterday was one of those busy days. The news came in from every front. In the world of banking, just for once, good news was the order of the day, but in the UK and Europe it was another day of worry.Good news hit the price of oil too, as it emerged inventory levels in the US were much higher than expected, suggesting US demand for oil is falling fast. And from beyond the Great Wall, a truly promising set of data was revealed. Yet disaster also came and dealt a blow yesterday too, both in the US with news on inflation – which was just awful, and in the UK with the latest alarming job data.
In this day of pluses and minuses, the bulls won; at least they did in the US, and then in the Far East with markets seeing big daily rises. Is this the sign that bottom has been reached? Or merely one of those freakish days you get from time to time?
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