Jeremy Batstone Quotations

The markets are convincing themselves that U.S. rates are going to 5 percent. But I do not believe one can rely on rates going there, and that is a positive thing.

With the outlook beyond 2006 as uncertain as ever, we remain comfortable with our hold recommendation.

Stock will attempt to rally, ... But we will not see the same kind of volumes and volatility as we did last week, however; economic indicators out this week could show the world is in recession.

It's significant in that when it happens it will be the first move for six years either up or down...it will signal that the authorities believe that the long battle against deflation is finally over.

The, already well-known, relative absence of pipeline products in late stage development continues to blur the visibility of longer term margin trends and helps stifle our enthusiasm for the shares despite the upgraded near-term guidance.

That is probably the least he could have got away with.

There is no doubt that the operating environment won't get any easier for (general retailers) next year. Supermarkets continue their onward march into the sector.

We find little in these results to indicate that the group is addressing the dearth of late-stage pipeline products right now and suspect that the risk of opting for quick fixes does not come risk-free.

Even if there is an upturn in the U.S., there is no real sign of any recovery in corporate profit, ... There is too much supply and too little demand ? profits have got to come down.

The negative share price reaction to these results may reflect certain disappointment... regarding figures which only met, but didn't far exceed, consensus expectations (as the group has been able to achieve in each of the previous two quarterly results announcements) and perhaps a partial evaporation of vague, but continuous, bid speculation.