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Folks in government here had picked up a sense of the mood music – a sense that the UK was "in the good camp rather than the bad camp" as one figure put it to me – but they had no idea in advance what that would mean exactly.

Folk in government in the UK had picked up a sense of the mood music – a sense that the UK was "in the good camp rather than the bad camp" as one figure put it to me – but they had no idea in advance precisely what that would mean.

"The mood music in general has not been good," he said.

The mood music is the New Zealander might well be moving on at the end of the tournament, barring a miraculous turnaround.

"Although it's unclear what lies ahead, for now, the macroeconomic backdrop remains positive, and the market's mood music appears to be suitably perky. In fact, it's difficult to dig out any kind of negative message other than frothiness."