Economies: the dead cat bounce that left a very bloody mess

It's almost like looking at buildings reflected in a lake. What was up on Monday, crashed on Wednesday. Only Japan created a kind of light-spot, but that's perhaps because it's out of sync because it was close on Monday when everyone else had a great - but short - rally.

Fear, Uncertainty, Doubt. That's at the heart of the market turmoil in which commodity prices aren't making any sense either.

Oil and wheat are down - but not bread-making grade wheat apparently so there's no relief at the supermarket.

Gold is up - which isn't pleasing the British taxpayer just two years after Gordon Brown raided the Bank of England and sold - wait for it - 25 tons of the national reserve to shore up his government's insane spending that was already driving taxation to some of the highest in the world, much of it hidden.

Iron, steel and coal are falling, too, as industrial processes slow down in the wake of falling demand. Shipping rates have fallen more than 60% in the past year - and given that ships use much the same amount of oil whether they are full or empty, that's a worry.

Singapore Airlines has increased capacity but sold fewer seats - it's normally pretty difficult to get an SIA seat but last month it managed just over 75% capacity. It has already announced an intention to cut direct flights to Manchester and hub out of London which is served by the A380, and is now anticipating competition on that route with Qantas which will install an A380 via Singapore to London in a few weeks.

Cathay Pacific showed a decline of less than 1% in September - but it's the first drop since the beginning of last year.