It is understandably a very quiet day with the stock markets in Italy and Germany closed for the Christmas Eve. Elsewhere, most traders are probably out today too although that does not necessarily mean the markets won’t move. In fact, the lack of volume means there could be bouts of high volatility. Still, that will be kept to a minimum given that it is going to be a shortened trading day. The London Stock Exchange will close at 12:30 GMT, with the European exchanges following suit at 13:05 GMT. In the US, the markets will also close early with US futures open for trade until 18:15 GMT. In London, the main mover is Smith & Nephew, which is up 7% after Bloomberg reported that US surgical implant maker Stryker was planning a takeover bid for the company in the coming weeks. But generally investors are exercising a bit of caution after the S&P warned of downgrading Russia while the Greek short-term bond yields are back above 10% with just 5 days to go until the third and final round of voting in the presidential election. If the coalition government fails to secure a majority of the vote then it will lead to an early general election in February. The big fear is that the radical anti-bailout Syriza party could be voted to power.