Global markets were jolted by news that Cyprus will receive 10 billion euros ($12.9 billion) of financial aid but with heavy conditions — notably the imposition of a levy on private bank deposits. It’s the first time depositors have been asked to contribute to a financial-rescue plan during the euro-zone debt crisis.
S&P 500 futures fell 12.9 points, or 0.8%, to 1,540.70, and Dow Jones Industrial Average futures were down 72 points, or 0.5%, to 14,361. Dow industrial futures had been down by as much as 160 points at one stage in Asia. Nasdaq 100 futures lost 27.25 points to trade at 2,763.25.
In Europe, the U.K.'s FTSE 100 index fell 1.1% to 6,420.01, while France's CAC 40 index lost 1.6% to 3,782.68. Germany's DAX 30 index traded 1.3% lower at 7,937.53.
The Cyprus news has sparked fears of renewed turmoil in the eurozone lifting appeal for the yellow metal. Gold for April delivery rose $10.10 to $1,602.7 an ounce on the COMEX division of the New York Mercantile Exchange. Silver for May delivery rose 3 cents to $28.80 an ounce.
Investors will be watching a vote in Cyprus tied to the levy, while in the U.S. a home-builders index which has been delayed till tomorrow.
MCX April gold futures may are trading up nearly Rs 200 at Rs 29549 per 10 grams, hitting a high of Rs 29644 earlier in the day.
Source by Commodity Insights
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