I think the [new economy sector] has still got further to go down - there are concerns about interest rates and the high cost of the next-generation mobile phone licenses. We're still backing defensives and financials. |
Telecoms may have a bit lower to go. Any negative news is likely to come out over the next few months. |
The market has largely discounted a Bush victory. |
The most important factor at the moment is Wall Street. All eyes are now on the Nasdaq. |
They won't now be accused of bowing down to political pressure if they do decide to lower rates. |