The FTSE has made a better fist of it today and is showing strength relative to other major indices. The relatively heavy weighting in energy stocks is pushing the UKs benchmark index higher, with help from resurgent resource stocks such as Antofagasta. Overall though the sun isnt shining on all global equities and the FTSEs gains could easily be erased between now and the close.

The half year report card for global stock markets was not one to be proud of. The first half of 2008 was the worst first half to a year for the Dow Jones Industrial Average since 1970, when the index was down 14.60%. The 14.44% decline of 2008 is actually the tenth worse performance since 1900.