With untypical and almost Germanic precision, Spaniards were back at their desks at the beginning of September after a long August lazily bronzing on beaches. The advantage of Madrid's finance centre comprising a wealth of deserted desks during the month of August is that the bankers and workers are all hard at work on the morning of September 1, instead of the straggled return of holidaying Londoners. A spokesman at the Madrid Bolsa, or a Madrid-based analyst, could not be had for love nor money during August, but come the return, they all jump to their phones with alacrity.

Much is expected of Madrid's autumn, not least in the world of IPOs. Iberia, not yet the world's favourite airline, plans to float in November, pending, one only imagines, some resolution in escalating fuel prices. Even the very private family-owned retail champion, Zara, is expected to come to market, after successfully storming high-streets across Europe. At least another 15 IPOs are expected between now and Christmas. But many of the companies, being either tech, telecom or energy-related, will choose to delay floating if current conditions prevail.