IMF – World bank meetings.

26th September 2011

Ian Copelin, Investment Director, my wealth comments, “UK equities have this morning reversed a weak opening following disappointment that we didn’t see anything concrete out of Europe or the IMF over the weekend – politicians and central bankers from around the world piled on the pressure over the weekend by urging European policy makers to combat the Greek-led turmoil.

Having initially opened down 92.78 points, the FTSE-100 is currently (9:50am) up 14.78 points.

Although it is difficult not to panic given the share price volatility and the negative tone of some of the politicians (including US Treasury Secretary Timothy Geithner) and influential investors (such as George Soros), the words will stop and action will have to be taken.  When this happens, confidence will quickly return, which should result in a strong equity market rally – equity markets are already discounting a Greek default and global recession.”