With the Dow Industrials closing down 143 points at 12,411, expectations last night were for another weak start on European markets as they closed before the major sell of on Wall Street. However, FTSE futures are holding up, barely changed from yesterday’s close and Wall Street futures are up around 30 points.
The debate continues as to the extent of protection for existing Spanish sovereign debt holders and whether they will be subordinate to the new loans issued to bail out the Spanish banking sector. Until the European Commission and ECB clarify the mechanism of the bail out, uncertainty remains.
Plenty of cheap shares to buy out there but the volatility is immense at the moment.