The world's most expensive artwork, sold at auction last week for £65m, is by a sculptor who is considered rather unfashionable. He is certainly not ranked by critics as one of the half- dozen most important artists of the 20th century. Even more puzzling, the work is not unique, but is number two of an edition of six. Why did Giacometti's bleak stick figure of a man walking hit the jackpot?

Outlook In this brave new world of better financial regulation, we can presumably rest assured that any transgressions by City folk will be viewed pretty dimly by the powers that be. Well not if the case of two Dresdner Bank traders who have just been convicted of insider trading is anything to go by.

Several leading graduate employers have pulled out of this year's university "milk round", as the credit crunch has forced them to pare back recruitment plans for 2009.

BSkyB was weak yesterday after JP Morgan reignited investor concerns about the outlook for advertising revenues.

The FTSE 100 was down 70 points at 5595.1, while the FTSE 250 was down 88.7 points at 9232.5 at 11.52am today.