STOX.CZ (Grant Capital)
Markets  |  March 22, 2013 09:59:59

Europe simply can not!

Equity markets have found their new topic - Cyprus. O so nervous investors have taken care of.   In addition, the macro data from Europe do not confirm the expected economic recovery. Yesterday was thus characterized by a relatively significant declines, mainly due to weaker macroeconomic data from Germany and France. In Germany, the PMI manufacturing index in March fell to 48.9 points from 50.3 the previous consensus and declared to increase to 50.5 points. In the service then also fell to 51.6 points from 54.7 the previous point.   In France, the same indicator in production stagnated at 43.9 points at consensus growth to 44.2 points, and then in the service of the previous dropped 43.7 points to 41.9 points. Especially in recent days, U.S. markets fared slightly correct the negative news from Europe. The question is how long this optimism lasts markets. Thorny topic of Cyprus is likely to resonate in the markets in the next week, on Monday when the ends of the ECB liquidity flows into the Cypriot banks. Policy on the Mediterranean island of waiting so obviously grim weekend.   Dijsselbloem Eurogroup chief has said that the bailout loan over 10 billion either by the eurozone and Russia does not guarantee the future growth of the Cypriot economy and that some form of tax deposits will be required.  After curtail the Greek debt and investors in Europe must prepare for the next "unique" solution, ie "curtail deposits". Both apparently further undermine confidence in the European integration process.   Rather not think about it afterwards, what will happen to open Cyprus bank, which will see probably in the next week. And not just those in Cyprus, but their branches in continental Europe.



Miroslav Vybíral

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