Pressure on Europe

E

einai

I can't help thinking but that there'll be fairly heavy downward pressure on the European markets today.

The fact that Monday was MLK Day only aggravates the situation. If there had been a day's trading between yesterday's sell-off and today's European opening, there would be a chance that market could bottom out there.

But it can't bottom in Europe, because the worry about what will happen at the open in the US will prevent anyone from wanting to buy.

Anyhow, two minutes to open for the DAX. We'll see what it has in store.

David H. (ex-Deutschland)
 
Well, it looks like we're down nicely, 3-4% in the first few minutes.

With trading on the US futures halted, the desire to close out US position will remain frustrated all day long, forcing people to close out European positions instead.

The $ bumped up for a second there, but it seems to be settling down.

David H.
 
Interesting table from the Times of London -


Biggest falls for the FTSE 100 or its equivalent since 1935

11.4% Oct 20, 1987 Fears over UK economic outlook
9.1% Oct 19, 1987 Black Monday
7.3% Mar 1, 1974 Shock Labour election win stuns market
7.2% Oct 26, 1987 Market swings lower after brief rally
6.4% 29 May, 1962 Big drop on US steel industry woes
6.4% Jan 2, 1975 Burmah Oil financial crisis
6.1% Mar 11, 1975 Wild market dip on Burmah Oil crisis fallout
5.7% Sept 11, 2001 Attack on the World Trade Centre
5.5% Jan 21, 2008 Investor fears of recession
5.5% Dec 6, 1973 Oil shocks, Opec raises prices
5.4% Sept 26, 1938 Second World War looms
5.4% Dec 14, 1973 Market dips again on oil crisis
5.4% Mar 16, 1938 Fears of war, rising taxes
5.4% Oct 22, 1987 October 1987 sell-off continued
 
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