AP - World stock markets fell Monday as some investors worried that the three-month rally in share prices may not be justified by economic indicators and as the dollar was boosted by comments this weekend from Russia's finance minister.
LONDON — The euro and European shares fell for a second day on Tuesday as investors worried about the uncertainty over a bailout for Cyprus aimed at preventing a debt default and banking collapse.
Cyprus’s revised draft bill for a levy on bank deposits scraps the measure for savings under 20,000 euros but does not compensate for the resulting lost revenue by raising it for the wealthy.
Global stock markets rose sharply on Monday as the dollar weakened, mirroring surging commodities, while signs of a possible international battle for British confectioner Cadbury focused traders' minds.In London, the share prices of heavyweight miners surged as gold futures reached a record high point, close to 1,170 dollars an ounce, while Cadbury hit a two-year high on reports Swiss food giant Nestle is weighing up a bid for its rival.
As expected, it is all about Cyprus this morning, and overnight, and just as naturally it wouldn't be a centrally-planned market without the generic BTFD overnight ramp attempt, which we got from the EURUSD, as the pair rose from sub 1.29 to 1.2973, which also pushed the US futures up to nearly fill half the overnight gap lower.
Dr. Stephen Leeb submits:It's no secret that the past decade or so has not been terribly kind to the average stock investor. Few people made much money unless they were following an alternative strategy focusing more on commodities and other key sectors (which is why so many TCI readers have done well)