Columbus Day: Stock Market and crisis

As another week begins in the financial markets traders and stockbrokers anticipate another volatile week. With New York’s Debt Market Closed for Columbus Day, however the New York Stock Exchange is open, but as the American commercial banks are closed the number of shares traded may be less than in recent weeks which could add to the already volatile markets.

Tokyo stock exchange is also closed for a public holiday today, as London often takes a lead from Tokyo trading the FTSE 100 will open in a vacuum said one broker.

The FTSE 100 dropped 21 percent overall last week, that meant it dropped below 4,000 for the first time since 2003 on Friday and closed at 3,932, last week was considered one of the most turbulent weeks in the stock markets in living memory.

The Dow Jones closed down on Friday 128 points down at 8,451 this in normal circumstances would help drive the London markets higher this morning.

Analysis have warned that the stocks markets could drop a further 20 percent this week and that the world governments needs to act immediately on the banking crisis to stop things getting any worse, but Monday tipped to be a volatile one with Tokyo markets closed and New York debts markets closed due to Columbus day celebrations, one thing for certain traders around the world are in line for another hectic day at work.

Source: Telegraph