A rash of takeover speculation among Footsie companies was not enough to stimulate the interest of the big investment funds yesterday.
Footsie ended a less than volatile session with an unstimulating fall of 1.5 to 6,542.2.
And if potential for disappointment increases in direct proportion to the length of anticipation, today's US rate-setting meeting could lead to black depressions all round.
The UK equity market has essentially been on hold for much of the year, cowed by the prospect of tighter US monetary policy. That trend continued yesterday and the lack of movement was accompanied by low turnover of just 1.2 billion shares.
More significantly, the lack of movement might have reflected the future rather than the past. Last week, the blue-chip index jumped 2.5 per cent to its highest level since the beginning of June as the market decided that there would be no US rate change.
A survey carried out towards the end of the week among the heads of strategy in the primary US dealers - the leading investment banks and brokerage houses - found only one of the 29 economists polled thought that there could be a hike.
ABN-Amro's US economist Mr Steve Ricchiuto is the man standing out against the crowd. His rationale is that weak second-quarter gross domestic product data has often been followed by a rebound in the third quarter, high oil prices are adding to inflationary pressures and this is the last chance for a hike before the presidential election.
If he is right, the markets will probably take a bath. But if there is no change, the market could have been experiencing a post-party hangover before the first guest had even arrived.
The bemusement was compounded because there was potential for a lively day. Bearish news from one US telecommunications company late on Friday could have created a stir. Takeover talk linking Boots with Wal-Mart of the US, Abbey National with Citibank of the US and Equitable Life with GE Capital could have tickled some fancies.
The speculation was seen as a signal that overseas companies remained interested in investing in the UK despite the strength of sterling. But, apart from Boots, it failed to make a significant impact.
But optimistic signals have started to outweigh the gloom and some brokers say a break-out is imminent.
Credit Suisse First Boston said: "The key risk to the consensus view that the FTSE always rallies in the fourth quarter is not that the rally does not happen but rather that it will happen in the third quarter." It said institutions were loaded with cash and ready to push the Footsie through December's peak of 6,950 by the end of September.
