Companies are cautious for the second half of the year. It's been a mixed bag so far for results.

So far, the refunding has been a mixed bag. The three-year saw little foreign interest and had a low bid-to-cover, but the 10-year went a little better yesterday.

Chelsea had a few good chances, they didn't want to lose and in the second half they were more cautious. You always congratulate the winners; on the pitch they have done a fantastic job and deserve to be congratulated.

Production costs have now become the most important factor for oil companies. They will drag down the shares.

The companies are profiting from these higher prices. This is becoming a familiar picture among energy and mining stocks and we expect it to continue.

Some companies have given disappointing results. Their shares suffer in an environment with risks, including high oil prices and rising interest rates.