Business as usual, pretty much

A surefire way of seeing how the City is really an be achieved by taking a look at the state of its suppliers.

Major trader technology supplier Patsystems has issued a trading update today, ahead of its AGM, and what was its verdict? Yes, it's slowed, but expectations are being met.

Non-executive chairman Stewart Millman said: "Although major purchasing decisions are concluding more slowly than usual, we remain comfortable with current market expectations for the year."

That's the great thing about publicly-listed businesses - there's very little to hide behind. All the figures will be laid bare tomorrow before shareholders, and there will be questions if the sums don't match Mr Millman's words. And slowed than hoped is a long way from slower than expected.