European indices trade cautiously after hitting five-year highs last week

<p>- This morning, European indexes were trading cautiously after rising to their five-year highs last week. – The DAX was at 8250, the CAC at […]</p>

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- This morning, European indexes were trading cautiously after rising to their five-year highs last week.

- The DAX was at 8250, the CAC at 3946 and the Eurostoxx at 2777 just before 9am today.

- As for currencies, GBP/USD was at 1.5362, EUR/USD at 1.2963 and USD against JPY was at 101.8990 at 9am today.

- In the UK the FTSE opened 0.1% lower at 6620. The top gainers were Antofagasta and Weir Group as opposed to Standard Chartered and Anglo American, whose share value declined. BT has reported pre-tax profits of 2% for the year to date.

- Later on today, eurozone finance officials are due to meet in Brussels. The main aim of the meeting is to approve the first €3 billion bailout package for Cyprus and the last round of rescue funds for Greece. Depending on the outcome, it may have impact on the strength of euro against other currencies as well as the indexes.

- Also, at 1.30pm today we have a couple of retail sales figures from the US which are expected to decline. However, experts predict a drop in gas prices, which will benefit consumers.

- So it is interesting what the investors’ reaction will be to the announcement. US futures are expected to open 45 points lower.

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