Cypriot lawmakers beginning their debate today
Trading Floor News March 22, 2013 3:00 PM
<p>- With a dismal start in Europe trading today, following continued debate over the proposed bailout for Cyprus. With Cypriot lawmakers beginning their debate today, […]</p>
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- With a dismal start in Europe trading today, following continued debate over the proposed bailout for Cyprus. With Cypriot lawmakers beginning their debate today, investors will be keeping a close eye on the equity markets for positive news.
- In yesterday’s session, the STOX 600 fell 0.1% to 294.39 with fears of a 1% total fall – erasing 4 weeks of gains. In France, the CAC 40 opened down at 3754, with the DAX following suit down at 7906.
- Closer to home, the FTSE 100 retreated from its five-year highs yesterday, in its fifth straight session – opening today at 6388. With investors viewing the market from a risk-off perspective, Gold is poised for a bullish weekly rally of 1.3% on the close, trading this morning at $1,612.
- In UK equities, BP are set to engage in a share purchase program, following the sale of their 50% interest in TNK-BP to Russian oil giant Rosneft. BP is current trading up 1.92% at 458p.
- Across the pond, the S&P 500 closed down 0.83% at 1,545, with the NASDAQ also down 0.97% at 3222. The DOW also followed suit, posting in largest loss of the week – shedding 0.62% at 14,421.
- In currencies, Sterling headed for its highest advance in six weeks against the euro following the turmoil in Europe. Sterling further advanced to three-week highs against the USD, with both pairs trading around at 84.96 and 1.51.85 respectively. Analysts are predicting an advance in cable, with the BoE taking a dovish stance on retail data and further QE plans.
- In Canada, plans to eliminate the country deficit by its 2015 election saw its base currency trade up against the USD at $1.0252. In Asia, the YEN traded up against the USD at 94.36 following suit against the AUD at 98.56.
- So with continued debate centering around the Cypriot debt crisis, and all eyes on European equity markets, we could be poised for a dismal end to this week’s trading.
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