Mario Draghi cancels his speech

European markets have edged lower and have closed for the day.  The FTSE 100 is unchanged and is down 0.89 points, France’s Cac is off 0.9 per cent, Italy’s FTSE MIB being down with 0.13 per cent, Spain’s Ibex is off 0.88 per cent, and Germany’s DAX being down 0.64 per cent.

Mario Draghi, president of the European Central Bank has cancelled his speech to the meeting of the Federal Reserve which was about to take place at Jackson Hole. It is assumed that the European Central Bank will go back to buying government bonds.

The expectations concerning QE seem to be fading. The Dow Jones Industrial Average is up around 16 per cent.