Don’t be fooled by thin summer markets – the world has changed, markets no longer take August off. Yet, finance changes slowly - for all the talk about diversity it’s taking generations to change the mindset and sense of entitlement that underlies markets. Maybe a good shock will be no-bad-thing – but banks making statements about their diversity ambitions should be treated with suspicion.

The inflation/deflation debate continues to roll thin summer markets, but the bigger issues are probably elsewhere. What’s happening to markets as they become increasingly consensus led, and focused more on compliance than sentiment?