UK broker Evolution says market conditions “awful”

Global financial markets are likely to remain "awful" for some time to come, the finance director of British investment bank and brokerage Evolution Group said on Friday.
"It's pretty awful at the moment. We see it as being awful for some time to come, in terms of liquidity and risk appetite," Andrew Westenberger told Reuters in a telephone interview.
Markets have slumped in recent weeks on concerns over the European and U.S. sovereign debt crises but Evolution said it was well-placed to ride out the turbulence by continuing to focus on tight cost controls.
Westenberger said he expected American authorities would eventually reach an agreement over the United States' debt position but added that market uncertainty would remain.
"I'm sure there will be some resolution in the U.S., but I don't think that will mark the end of the saga."

Evolution also posted a slight rise in first-half profits on Friday, with profits for the six months ending June rising to 4.3 mln pounds ($7 mln) from 3 mln a year earlier.
Evolution's shares rose 5.4% to 74.5 pence in early morning trade as analysts welcomed the profit increase, and Oriel Securities kept an "add" recommendation on the stock.
Evolution has been on the look-out for takeover opportunities over the last year.
It called off talks to buy rival Panmure Gordon last year but earlier this month said it was in advanced talks to boost its wealth management arm by acquiring BNP Paribas Private Investment Management Ltd .
Westenberger said Evolution remained on the look-out for possible acquisition opportunities, especially in the wealth management business.
"If we do have another year of prolonged distress, that will present opportunities," he said.