Global stock markets are creeping back up after recent geopolitical tensions took their toll on investor sentiment.

Elsewhere, the dollar is at a one year high and the pound has regained some of the value it lost in the past month.

Paul Sommerville of Sommerville Advisory Markets described the moves as interesting.

"We have to be mindful that volumes were very light in August. However, markets are not too concerned with geopolitical tensions. It's not really an issue. The only thing they are interested in is what Central Banks intend on doing and how fast they are going to do it," he said.

The recent market strength and currency gains were brought about in particular following the publication of the minutes of two major Central Banks yesterday.

In the UK, two policy makers at the Bank of England voted in favour of interest rate increases.

"It now seems likely that the UK will be the first major economy to raise interest rates, but it will be slow and gradual," he said. 

"Investors are worried that the US Federal Reserve would increase rates in the near future, but that doesn't look like happening any time soon now. Janet Yellen will likely wait until inflation comes back into the system and move then," Paul Sommerville added.

He said Ms Yellen was likely to speak some soothing words to investors when she appears at the Jackson Hole summit of Central Bankers this weekend.

The ECB is one central bank where interest rates will not be going up any time soon and Mr Sommerville said the European economy was in a dismal state.

"Markets are looking for the EU to introduce stimulus in the form of Quantitative Easing. They're far behind the US and the UK who are coming to the end of QE. German indices lost 10% in the last few months. The biggest engine in Europe is really faltering," he said.


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