This morning, the S&P 500 Index e-mini futures (ES-M3) are trading lower by 12.25 points to $1541.25 per contract. The catalyst for the decline in the stock futures comes as the small country of Cyprus needs a bailout. Over the weekend, the European Union and IMF agreed to give Cyprus a bailout. The catch to this bailout is that depositors will receive an instant tax when their bank reopens for business. Deposits of more than 100,000 euros in Cypriot banks get hit with a 9.9 percent charge when banks re-open their doors on Tuesday after a scheduled bank holiday on Monday. The European bank stocks should be weak to start the trading session. Leading European bank stocks such as Deutsche Bank AG (DB), Banco Santander S.A. (SAN), and UBS AG (UBS) are all lower before the opening bell.
Last night, the Asian stock market sold off sharply across the board. The weakest Asian stock index was the Nikkei 225 (Japan) which finished lower by 2.71 percent. Traders and investors should watch for early morning weakness in many of the leading Japanese ADR's. Leading Japanese related stocks such as Toyota Motor Corp (ADR) (TM), and Honda Motor Co Ltd (ADR) (HMC) could be under some pressure at the start of the trading day.
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Just When You Thought Europe Was Fixed, Cyprus Needs A Bailout
Published 03/19/2013, 01:01 AM
Updated 07/09/2023, 06:31 AM
Just When You Thought Europe Was Fixed, Cyprus Needs A Bailout
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