Investors cautious as Cyprus continues to threaten stability in the eurozone
Trading Floor News March 19, 2013 3:00 PM
<p>- All eyes are on Cyprus at the moment, where an unstable financial situation continues. The country is expected by eurozone ministers to raise €5.8 […]</p>
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- All eyes are on Cyprus at the moment, where an unstable financial situation continues. The country is expected by eurozone ministers to raise €5.8 billion from tax on bank deposits.
- Politicians on the island are voting on solutions to the crisis today so it is worth tracking the news later on in the day.
- Cyprus has also suspended its stock exchange today and tomorrow.
- Asian stocks traded higher today, with the Nikkei closing up 2% and the Korean Kospi up 0.7%.
- European indexes, on the other hand, have traded down this morning, with the CAC and Dax opening 0.4% lower. The FTSE opened down 0.3%, dragged lower by Rio Tinto, Fresnillo and BHP Billiton.
- Speaking about companies, HSBC faces penalty charges for illegal activity in Argentina. Sainsbury’s reported an increase in sales by 2.1% for the year to date.
- We have just seen the release of UK inflation figures, with CPI coming in line with expectations at 2.8% and better than expected PPI.
- Today watch out for the eurozone economic sentiment survey at 10am and US building permits at 12.30pm GMT.
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