Service-sector inflation has been picking up. Wage inflation has shown some signs of picking up so, unlike the U.S., [Britain] does have some worrying signs of inflation.

The Fed is keeping an eye on core inflation because they were concerned about prices spilling over from energy and commodities to the rest of the economy. This increases the odds that interest rate increases can remain measured, a quarter-point at a time.

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.

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

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