Frustrating day with my biggest hitter, R-R, starting well this morning on the back of apparent market maker optimism but then falling back to level for the day until a 3pm brief which tells of a T900 engine being replaced on an A380 waiting on delivery to Quantas. The engine change came after a one-off inspection designed to seek flaws in an oil pipe in the core of the engine.
The one-off checks instigated by the Australian safety board are on top of those required every 20 flights.
On the plus side Airbus are maintaining their delivery target for the aircraft.
R-R close @ 642, -10
BG up on good news on costs
I see that the Monetary Policy Committee met again today for monthly tea and biscuits. No change to interest rates despite inflation concerns. Pointless really if they aren't going to manage the economy. The MPC have previously kept interest rates artificially low which fuelled the housing bubble and cheap credit conditions leading up to the credit crunch. The gamble now seems to be to rob savings to recapitalise the banks whilst waiting for inflation to make the debt relatively smaller if not actually.
Made a couple of purchases last week which I need to detail, but still keeping an eye out for more ahead of the New Year.
Still dreaming of a Christmas rally!
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