A duck swimming gracefully on a serene surface, though its’ legs are paddling furiously below is the image that springs to mind when looking at markets. European indices today are generally flat, and volumes remain lacklustre versus their 20d AVATs. Despite this, it has felt busy again on the desk, as we are starting to see the animal spirits awaken from their summer slumber. Both average order sizes and natural liquidity inquiries have increased markedly this week, which are both promising indicators that volumes are returning. We also had a raft of model updates out from the teams in preparation for the impending earnings, and a downgrade in Hargreaves Lansdown back to sell to add to the mix. We’re (not trying to get ahead of myself, but finding it hard to contain my excitement) back baby!
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