It will take years to recover, in terms of the stock price, sorting out all the fines, and the reputation. Analysts are struggling to assess what the damage actually is, as there's still a steady corrosive drip-drip of news, yes, they've bumped up their provisions, but you have to wonder whether they're prepared for a moderately bad outcome, let alone a.

Mike Ingram

Categorized in : Energy

For me it's a cumulative effect. We had Paris, and then Brussels, then France again and then a coup... It seems as though holidaymakers were delaying and hoping to book at the last minute, so a stock like Thomas Cook will be hit, given the depreciation of sterling, given the security concerns and given that people might opt for.

The growth outlook remains tepid at best and visibility is poor. Sentiment is now very fragile with the instinctive reflexive 'buy on dips' that has served investors well is now being supplanted by ‘sell the rally’, and that is precisely what we are seeing today.

We've seen broad-based losses. There's no place to hide today. The shock announcement of Anglo's is at the epicentre, but this is a market which has been looking sick for some time, so much was hinging on the ECB coming up with the goods last week, but market expectations were such that it was doomed to disappoint, and we've been picking up the pieces ever since.