There was a lot of weakness in some of the banks in particular, ... There was a bit of reaction by foreigners to the Nippon Credit Bank liquidation or whatever it was at the weekend.
[Nortel's warning is] bad news for the (telecom) hardware sector and will hurt the likes of Ericsson and Nokia, ... valuations are close to the bottom for this year.
Under a pound was an extreme level and my guess it that they'll continue to move up for the next month or so.
The key is going to be the turn-around in industrial production. When we see that, that will give some possibility of upward revisions in earnings in the second half of the fiscal year. I think the market will become much more relaxed again about the economy.
There are people out there arguing that Vodafone shares are worth 70p but that's certainly not our view.
It's incredibly quiet at the moment, ... Foreigners are starting to go into Christmas mode and Europeans especially are winding down trading ahead of the introduction of the euro.
Nokia had got very cheap at 14 euros. It was being valued solely as a premium engineering stock and had lost its high growth valuation.
With interest rates on their way down (in the U.S. and the euro zone), large parts of the financial sector are a good bet.
Even the Japanese are not that happy with the yen constantly weakening. Apart from anything else, it makes the management look rather silly if they've invested a great deal of time and money in overseas production. Suddenly, they don't need it two or three years later.