Response to xchrom (Reply #22)
Tue Mar 19, 2013, 10:12 AM
Ghost Dog (13,485 posts)
28. Wall Street All Ears To Cypriot Bailout Talks
WASHINGTON (dpa-AFX) - Wall Street seems to anxiously await the developments on a Cypriot bailout. With the parliamentary vote on the bank tax proposal postponed and the bank holiday in Cyprus extended until Wednesday, traders in Asia regained some composure. Stocks in the region closed mixed, while European stocks are seeing weakness. Traders may also react to a domestic report on housing starts due before the markets open. Additionally, traders may prefer to adopt a cautious stance ahead of the Fed announcement on Wednesday following the conclusion of a 2-day FOMC meeting beginning today.
As of 6:15 pm ET, the Dow futures are moving down 13 points, while the S&P 500 futures are down 0.50 points and the Nasdaq 100 futures are declining 1.75 points.
U.S. stocks extended their declines on Monday, as the developments in Cyprus provided a reason for traders to take profits in the overbought markets...
European Markets Fall Ahead Of Cyprus Vote
PARIS (dpa-AFX) - The European markets continued to languish in negative territory on Tuesday, ahead of a crucial vote in Cyprus' Parliament on the rescue package. The Asian markets recovered from the previous session's lows, after indications emerged that small depositors in Cyprus may be spared from the bank tax. Cyprus' Parliament will vote on the rescue package later today, after postponing it twice in the last two days. The government has declared a temporary bank holiday in Cyprus on March 19 and 20.
The Eurozone finance ministers had called for a 9.9 percent tax on bank deposits above 100,000 euros and a tax of 6.75 percent on deposits below that amount, inviting widespread criticism from Cypriots. However, the finance ministers Monday agreed that small Cypriot depositors should be given greater protection, signaling some flexibility over the proposed bank tax. Yet, the ministers reiterated that Cyprus should still raise 5.8 billion euros from the levy as planned.
The island nation may be able to meet the target by imposing a 15.6 percent tax on deposits of over 100,000 euros with no fee below that figure.
Meanwhile, economists at IHS Global Insight said the proposal to make bank depositors in Cyprus contribute to the planned bailout is likely to have drastic results, and could even threaten the stability of the Eurozone. According to the economists, with Cyprus' ruling party enjoying only a one-seat majority, there is a strong possibility of parliament rejecting the bank levy in its current form, while its structure is likely to change in order to garner parliamentary support.
Germany's economic confidence improved for the fourth successive month in March, and exceeded economists' expectations...
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Wall Street All Ears To Cypriot Bailout Talks
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