From The Trading Floor: Equities are trading in negative territory this morning as a levy imposed by euro area leaders on Cypriot bank deposits sparked concern the regions debt crisis is intensifying
Cyprus received a 10 billion euro bailout from the troika of lenders made up of the European Commission, the European Central Bank and the International Monetary Fund but with harsh conditions, including a bank depositor levy. Deposits of up to EUR100,000 will be taxed at 3%, those of EUR100,000 to EUR500,000 will be taxed at 10% and deposits of over EUR500,000 will be taxed at 15%.
Confidence among U.S. Homebuilders unexpectedly fell for the second month in March, a sign the residential real estate market will take some time to strengthen
Prices of newly built homes increased in 66 of 70 Chinese cities tracked by the National Bureau of Statistics in February. This is up from 53 the previous month
Ahead of the Bell: Dow futures are trading down 91 points and S&P futures are trading down 14 points after the European Union advised Cyprus, a member of the 17-nation euro zone block, over the weekend to levy a tax on bank accounts, as part of a 10 billion euro bailout. This is against previous EU practice that depositors' personal saving accounts were sacred. The country's parliament will vote on the proposal tomorrow and plans to soften the tax hike on smaller savers. Investors are concerned with bank runs and fears of contagion in the financial sector, which is sending shock waves throughout global financial markets.
On the economic calendar today, the housing market index for January will be out after the opening bell, economists expects a reading of 47, compare with 46 in February. The dollar is up against the major currencies. Gold is trading at $1,576. Crude oil is currently trading at $...
Today football club Ajax celebrates its 113th birthday during the gong ceremony at the Amsterdam exchange. Captain Siem de Jong sounds the gong and opens trading.
Ajax is now a big, world renowned football club but it began as a small organisation set up by a group of friends on 18 March 1900 in the Ajax cafe in Amsterdam. Now one of the biggest clubs in Europe, Ajax has a rich tradition to uphold. It celebrated its first Dutch championship victory in 1918, and 1957 was the first year in which Ajax participated in the European Cup Finals. Ajax won its 30th national championship victory in 2011. Today’s it celebrates its birthday with the gong ceremony.
Stocks ended lower today after a ten session advance as investors digested mixed economic reports. The dollar fell on word that the Federal Reserve will pursue its aggressive monetary campaign despite signs the U.S. economy is strengthening.
On the economic front, the Consumer Price Index jumped 0.7% after no change in January. Higher gasoline prices were the main culprit.
The Empire State index came in at 9.24, well above zero which indicates monthly growth in the New York manufacturing sector. However, that's slightly slower than February's 10.04.
Manufacturing in February improved sharply, (+0.7%) in February, indicating that it may be making a comeback after a soft January.
Consumer Sentiment is surprisingly low this month, to 71.8 vs. a roughly 79 level during the last two weeks of February. The weakness is in the expectations component which fell 8.5 and is the lowest reading since the third quarter of...