Britain's top share index steadied on Wednesday as the ECB pledged to keep monetary policy loose for a 'long time'. Fortis Bank's Chief Strategy Officer Philippe Gijsels says Draghi's pledge has helped, but that equity markets are heading for short-term correction.

SHOWS: LONDON, ENGLAND, UK (SEPTEMBER 24, 2014) (REUTERS - ACCESS ALL)

1. FORTIS BANK, CHIEF STRATEGY OFFICER, PHILLIPPE GIJSELS, SAYING:

JOURNALIST ASKING PHILLIPPE GIJSELS: 'With the Ifo in mind and some of the profit warnings, of course, we've had this week, are we headed for some sort of short-term correction in equity markets?'

GIJSELS: 'Well I think that would be logical. We had been overbought for awhile. Bad news, geopolitical and also on the economic side were already on the table for quite awhile. But everybody was looking at the central banks and especially Mr. Draghi that was promising EUR1000 bln more on the balance sheet. So that helped, but now markets are realizing of course that that is not going to take away all the trouble and then logically, I think we will correct a little bit from here.'

JOURNALIST: 'For how much longer - okay, correct here a little bit but for how much longer will that continued liquidity drive these markets fundamentally?'

GIJSELS: 'Well it has been driven markets for a very long time now. It's already for now quite a number of years and this year, 2014, was supposed to be the year where we could move from a liquidity derivative rally to a more fundamental one and everybody started the year with more positive use on the euro zone economy on an earnings shroud and so on and so forth. And up until now, this has been quite disappointing so that really, that liftoff both on the earnings side and especially on the economic side seems still some time away so I'm afraid that will be liquidity-driven. But as we heard G-20 members speaking over the weekend, they also acknowledge that there seems to be some limits to what central banks can do and then they also warn for bubbles, if they keep it up for too long and I think that not much has changed over the last couple of days but that is only the realization that the central banks cannot keep this market up forever, that will be the trigger for some consolidation, I think.'

JOURNALIST: 'Alright. So you're telling clients to take some money off the table. Where specifically are you telling them to get out and where are you telling them to stay?'

GIJSELS: 'Well indeed if you indeed believe as we do that we're in for a rough patch for the next couple of weeks and potentially a bit longer, you probably should focus on selling some of the risk and then you would probably sell Spain and Italy before you sell Germany, even though the Ifo was not fantastic today. And then you'll probably tell them to sell more in the small caps space rather than the big caps space because we've already seen in the U.S. the Russell 2000 coming down more than the market. And yesterday, for the first time, we also saw the Euro Stoxx doing a little bit worse than the overall market. And so I think you should probably focus on the high beat areas.'