What happened last week: Last week was the first week clearly defined by the holiday mood. The summer season is now starting to move from the north of Europe to the south and this is now fully reflected in the broad business environment. While we still had some hide purchasing in Europe, sales activity fell into the doldrums last week. Shipping departments were still too busy to fulfil the remaining requests from the Mediterranean and sometimes just one day can determine whether goods can be delivered or not. Overseas sales were also substantially reduced last week.

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