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Morning Market Roundup: So ... Short-Term Effect Of the Crisis in Cyprus?

Morning Market Roundup: So ... Short-Term Effect Of the Crisis in Cyprus?

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Here’s what’s shaking:


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European markets steadied Tuesday, a day after they were roiled by a suggestion from a leading European finance official that the Cyprus bailout was a model for the future.

After initially greeting the bailout of Cyprus, stocks and the euro sank on reports that Jeroen Dijsselbloem, who chairs the meetings of the finance ministers of the 17 European Union countries that use the euro, said the Cyprus bailout was a template.

Though he later attempted to retract his comments and described Cyprus as a "specific case with exceptional challenges," Dijsselbloem has left the impression that those with bank deposits above the uninsured level of €100,000 may be tapped in any future bailout.

In Europe, the FTSE 100 index of leading British shares was up 0.1 percent at 6,385 while Germany's DAX rose 0.3 percent to 7,894. The CAC-40 in France was 0.7 percent higher at 3,754.

Wall Street was poised for a steady opening, with both Dow futures and the broader S&P 500 futures up 0.2 percent. A raft of U.S. economic data later, including monthly durable goods orders and consumer confidence figures could have an impact on how U.S. markets perform.

Earlier in Asia, Japan's Nikkei 225 index fell 0.6 percent to close at 12,471.62. Hong Kong's Hang Seng rose 0.3 percent to 22,311.08. Australia's S&P/ASX 200 dropped 0.8 percent to 4,950.20. South Korea's Kospi rose 0.3 percent to 1,983.70.


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The price of oil rose above $95 per barrel Tuesday ahead economic data from the U.S. that is expected to reflect an upswing in orders of durable goods.

Benchmark crude for May delivery was up 45 cents to $95.26 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.10 to finish at $94.81 a barrel on the Nymex on Monday.

The U.S. Commerce Department will release data later Tuesday on February orders for factory-produced durable goods - items expected to last at least three years.

Brent crude, used to price many kinds of oil imported by U.S. refineries, fell 17 cents to $108 a barrel on the ICE Futures exchange in London.



Follow Becket Adams (@BecketAdams) on Twitter

The Associated Press contributed to this report.

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