Despite a 60% fall in profits for shell suit seller Sports Direct, its shares rocketed 7% on the appointment of a new CFO. According to Independent Market Strategist Matt Brown, the market breathed a sigh of relief that flamboyant CEO Mike Ashley may be reined in somewhat reined in by his new appointment. Defiant Ashley described a new initiative at the retailer that would make it the Selfridges of Sport. This concept might be helped along by a surprise rise in UK retail sales reported for June. In the meantime the markets awaited the latest news from ECB President Mario Draghi from midday.

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