London's trading is probably more closely linked to that of Wall Street than the other markets in Europe.

The Vodafone picture is disappointing, but consistent with the industry.

Over the last couple of months the market has done relatively well and is now pausing to consolidate the gains.

This won't prevent a mini-recession in mid-1999.

This thing has been bid down and down. But I think on fundamentals now, taking a two to three-year view, people have got more comfortable with the level that we're paying.

This could finally lead to a sell-off in U.S. equities. And then European stocks would mirror falls on Wall Street.