There was a canape of corporate activity, a jigger of benign inflationary data and balloons blown up by one of the Footsie's leading companies - but still the party failed to take off.
"The market should have been closed. It's usually lacklustre on Monday mornings but today has been diabolical," said one sales trader.
As the FTSE 100 fumbled towards its close, it was clear there was little more than a hangover left from last week's interest rate cut, and investment enthusiasm could well be on hold until the launch of the euro on January 1st.
The blue-chip index closed 7.2 down at 5,534.5 and the FTSE 250 and SmallCap indices were both weaker. Turnover in the overall market was only 792.4 million shares, down near the bottom of the range.
The first support came from confirmation that there remained an appetite for corporate activity. National Grid announced a $53.75-a-share bid for New England Electric Systems of the US.
Shortly afterwards, the latest producer prices data reinforced hopes that interest rates have further to fall. November input prices of manufactured products were down a seasonally adjusted 0.6 per cent from October and had fallen 8.5 per cent year-on-year.
Credit Suisse First Boston has cut its 1999 base-rate projection by half a point to 5 per cent. Strategist Mr Richard Kersley argues: "The falling payment on holding cash will lead UK funds to question the high cash weightings they continue to run."
Finally, institutions were pinning their hopes on some dramatic pronouncements at a showcase presentation by Shell Transport late yesterday.
However, Mr Mark Moody-Stuart, chairman, said that Shell would consider a merger "and if the right opportunity arises we will act".
