UK Share Prices Continue To Slide While USA Has Bank Holiday
The leading shares on the world’s top indexes continue to climb a wall of worry, with prices falling further after last weeks dismal ending on the stock market.
Share prices were down on the FTSE 100 and Dax30 index during morning trading in Europe, and futures seem weak in pre-market across in the USA. The Dow Jones index seems like it’s also heading lower as futures are currently priced below Friday’s close.
In the last three trading sessions share prices have tanked on the FTSE 100 bringing the index value back down to early September lows.
The trigger for the FTSE 100 falls in recent weeks have occurred mainly through strength in the British pound, putting pressure on shares. But this time around GBP is continuing to slide further. This is in spite of the welcome news over the weekend that European Union and United Kingdom may be able to reach an agreement on Brexit after all, which one would have thought should be positive for the Pound.
However, there is a lot of talk in trading chat rooms that market makers might be taking advantage of Monday’s bank holidays in Japan, the USA and Canada. Using the lack of volume to create a false market. Whether there is any truth in this remains to be seen, but it should soon become apparent when those markets open again for trading on Tuesday.
We have a relatively quiet week for economic data after last weeks non-farm payrolls. The only data of note in the UK is GDP on Wednesday and in the USA on Thursday there is CPI data. CPI data is forecast to remain static 0. 2%.
But for now the markets are awaiting some volume. Volume will arrive again when the United States comes back from a national holiday and Japan wakes up again at midnight GMT for trading.
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.
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