Spreadex Market Update

Euro stocks continue yesterday's gains



European stock futures are seen to open higher on Wednesday, continuing yesterday’s gains whilst tracking a positive session in Asia. Better than expected US data yesterday fuelled optimism about the pace of the economic recovery. The Dow Jones hit a fresh record close yesterday after data showed US home prices rose in January at the fastest pace in more than six years whilst durable goods surged in February.

Cyprus will remain in focus today as the country is expected to implement control measures to prevent a run on the banks. Cypriot banks are due to reopen on Thursday. Gold fell for a third day, dipping below the crucial $1,600 an ounce, as Cyprus’s bailout damped haven demand even on concern that its bank-restructuring plan may be used as a template for other European nations.

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