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Asian markets fall on Cyprus bailout measures

FXstreet.com (Barcelona) - The headlight of the weekend was the EU €17B bailout decision for Cyprus that will be partly funded by a one-off levy on bank deposits (9.9% for deposits over €100k and 6.75% for deposits less than 100k, raising €5.8b). Such measures will go for a vote today at the Cypriot parliament.

Mainland China's Shanghai Composite (-1.72%), Hong Kong's Hang Seng (-2.25%), South Korea's Kospi (-0.92%) and Japan's Nikkei Stock Average (-2.71%) fell on Monday in reaction to Cyprus like the other Asian equity indexes did. Also, China's House Price Index rose from 0.8% to 2.1% in February, concerning investors afraid of a housing bubble.

Futures for the German DAX (-1.52%) and the French CAC 40 (-1.71%) are signaling a lower opening ahead of the European session and trade balance data.

Switzerland: Economy expected to grow by 1.3% in 2013

According to the Economic Forecasts released on a quarterly basis by the Swiss State Secretariat for Economic Affairs, the Swiss economy will most probably grow by 1.3% in 2013 and it should accelerate to 2.1% the next year, as the domestic economy remains stable and the export outlook is improving.
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Forex: GBP/USD orbiting around 1.5100

The sterling is trading in the vicinity of the key level of 1.5100 on Monday, basically unaffected about the recent bailout in Cyprus and its consequences so far...
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