Billionaire Wilbur Ross, a major investor in European assets, thinks the acts of terror which happened on Friday in Paris will not cause a market correction.
"I don' t think this will provoke anything like a 10 percent market crack," the chairman of distressed asset investment firm WL Ross & Co. said in an interview with CNBC.
Militants who call themselves the Islamic State (ISIS) and have set up a self-declared caliphate across parts of Syria and Iraq, claimed responsibility for the series of attacks carried out by suicide bombers and gunmen in Paris, as well as for blasts in Beirut, Lebanon, and downing of a Russian passenger jet in Egypt.
Ross said the market was somewhat prepared for further terrorist attacks following the downing of a Russian airliner over Egypt's Sinai Peninsula.
"After a while there is less incremental effect on investor confidence" after a series of attacks, he said.
The market proved to be resilient after a series of attacks
in Paris which left 132 dead, with France's CAC 40 trading up 0.16%.
Stocks
in Germany and London were modestly higher with DAX last trading up
0.49% and FTSE 100 up 0.41%. U.S. futures pointed to a positive open.
Meanwhile, U.S. exchanges said they plan a moment of silence before Monday’s opening bell for
victims of the Paris terror attacks.
The New York Stock Exchange said via Twitter that one minute of silence will start at 9:25 a.m. Eastern Time, and the Nasdaq said via Twitter that it will observe a minute of silence at that same time. In Europe, a minute’s silence was observed at 11 a.m. London time.
