Investors cautious as Cyprus continues to threaten stability in the eurozone

<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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