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Jun 26, 2012, 09.03 AM IST
Cyprus, third smallest economy in Eurozone, joined the bailout queue and announced intention to request for funding.
By Gautam Broker, Research Analyst at CNBC-TV18
Cyprus, third smallest economy in Eurozone, joined the bailout queue and announced intention to request for funding. Cyprus was the fifth country to seek refuge. Aid conditions will now have to be worked out with EU and ECB Heavy exposure to Greece, Fitch downgrade to junk had been weighing on Cyprus, which needs funds now to recapitalize banks Spain too made a formal request for aid but amount was not disclosed Markets were under pressure on increasing skepticism around the EU summit Germany Chancellor Angela Merkel reiterated stance on Eurobonds; she says shared debt liability within Eurozone is ‘economically wrong and counterproductive’ German officials indicated that clarity is unlikely on Greece at the European summit; Greece’s new FM has resigned in less than one week Bond yields were on the rise again; Spain's 10-year bond yields went up nearly by 30 basis points yesterday at 6.65%; Italy's back to 6% US economic data was marginally positive; New home sales for May came in at 3,69,000 as against consensus estimate of 3,50,000 Dallas Fed Manufacturing Survey for June came in at 5.8 versus expectation of flat reading and negative 5.1 last month US markets at close: Dow Jones went down 1.1% to 12,502.7 while S&P 500 Index fell 1.6% to 1,313.7 and Nasdaq Composite was down 2% European markets at close: DAX and CAC tanked over 2% while FTSE was down 1.1% Deep in the red: Greece crashed 6.8% and Italy tanked 4%. Spain plunged 3.7% Asia Today Nikkei was down 0.8% and Shanghai declined 0.5% Straits Times slipped 0.1% while Kospi was flat Hang Seng rose 0.1% Currencies Euro hit a session low of 1.247 as against the US dollar yesterday Euro saw a mild rise today morning at 1.251 to the dollar Dollar index touched a session high of 82.45 today Commodities Crude was largely steady on Monday WTI crude settled at USD 79.21 a barrel yesterday, down 50 cents; which was at USD 79.33 a barrel today Brent crude was hovering around USD 91.3 a barrel Gold came off day's low on safe haven demand, which was at USD 1585 an ounce now from USD 1560 an ounce Copper was up 0.4% today What to watch out for German, France Consumer Confidence S&P Case Shiller Home Price Index US Consumer Confidence
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