We knew the oil price was threatening to push inflation up in early May when equities peaked

We knew the oil price was threatening to push inflation up in early May when equities peaked. We know that we are in a strong growth phase for the world economy but a phase that is now mature and one that is showing strains. The markets react - or not. Those of us who try to understand and explain market movements spend a lot of time trying to listen to the numbers. What are they really trying to tell us? How do we distinguish the real signals from the underlying background noise? At the moment I don't think this approach is particularly helpful. So there will be no pause in the rise of US interest rates because those numbers were disappointing.

The data has been coming through towards the less optimistic end of the scale of their expectations and each new set of statistics - the US inflation numbers yesterday, for example - are picked over to try to deduce their implications. Actually there is not a lot of that about but there is a bit more than they had bargained for. Nothing goes up for ever and the task of commentators is to judge whether what we are experiencing now is an essential correction for markets that were in danger of becoming detached from reality or whether something more sinister is afoot The markets have become spooked by inflation. Indeed, more than this, we actually need these periodic shocks to maintain a sense of balance in financial affairs. It is a chill wind that respects no persons or places for it has struck equity markets pretty universally But this has happened so many times before We recognise it even if we don't like it. It is time to step back.

We have had - are having - one of those periodic Arctic blasts racing through the world's financial markets. However, even without the GMBthe new organisation will be nearly two million-strong, with members in virtually every FTSE 100 company, and will play a strong role in the Labour Party.. "Despite our best efforts, they were more interested in shouting than talking," she said.Meanwhile plans to create a powerful super-union were in disarray yesterday after the GMB pulled out of negotiations.While Amicus and the Transport and General Workers' Union said they would press ahead with a merger, delegates at the GMBconference voted overwhelmingly to go it alone. "A wide gulf separates the parties and no progress was made today to bridge the gap," she said.However, the union welcomed a decision by Asda to reinstate a Wigan-based worker who had been suspended for writing a union message on an England football flag.An Asda spokeswoman said any vote for industrial action was "pointless". She said the company had agreed to a national joint council which could lead to collective bargaining if employees wanted it. Union leaders were yesterday predicting an overwhelming vote in favour of strikes at Asda's supply depots after top-level talks broke up without agreement.

Andy Bond, the supermarket giant's chief executive, met GMB shop stewards and senior officials at a hotel in Blackpool where the union is holding its annual conference, but both sides agreed there had been no progress. The result of a strike ballot among up to 11,000 warehouse workers is due to be announced on Wednesday, and industrial action could begin a week later. The union is in dispute with the company over a number of issues, including pay and national bargaining.Jude Brimble, the GMB national officer, said after the meeting that nothing new was put on the table by the company. Its estate spans 13,000 acres.The company, which started life as the British Transport Docks Board in 1962, handles a quarter of the UK seaborne trade.. The independent broadcaster ITV, London & Continental Railways and the pubs group Mitchells & Butlers have all wriggled off the hook.Goldman's aggressive tactics provoked a rebuke from Hank Paulson, its departing chairman and chief executive, who warned its private equity bankers in London not to pursue unsolicited bids.Any buyer of ABP would take control of 21 ports, including Southampton, Plymouth, Immingham, Grimsby and Port Talbot. It is also much more generous than the 730p per share first offered by the consortium - comprising Goldman, the investment arm of the Singaporean government, a Canadian pension fund and Prudential - and rejected by ABP.ABP would be liable to pay a break fee of £24.4m should the Admiral offer lapse or the recommendation be withdrawn.That would be cold comfort to Goldman, which has failed to land a string of acquisition targets in recent months.