The earnings season has gone well with positive news dominating, which was shown again today.

Investors decided to book profits on recent positive news from Volkswagen and solid car registration figures.

Merger talk among utilities has been dominating markets for days and you cannot say when this will end.

Investors are buying back into telecoms, which have upside potential after being the worst sector performer last year in Europe, and offer a nice dividend yield.

Prices of utilities and other stocks have reached levels that don't look sustainable at the moment, given the overall economic environment.

The market reflected losses on foreign exchanges. We're waiting for positive news. We did not have any large sellers. I expect the market to recover next week after this week's fall.