The FTSE currently indicates a very weak opening and is poised to have the worse week since 1987. The London index was closed when the major sell off started in U.S., forcing the Dow Jones to its lowest close in more then 5 years. However the sell off continued in Asia, with all markets suffering equal losses. Currently futures are indicating for a 8% loss, we might see the FTSE touch double digit losses unless there is government intervention, which is very possible.
Oil fell for a third day as demand dropped and global stock markets plunged on concern that the global credit crisis will push countries including the U.S. into a recession. Gold which has been historically the investment of choice during uncertain times, has climbed past the 900 dollar per ounce mark and it seems like it will touch the 1000 dollar mark before the end of the month.
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