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European markets higher ahead of Cyprus vote on “solution”

FXstreet.com (Barcelona) - The German DAX 30 (+0.15%), the French CAC 40 (+0.05%), the Italian FTSE MIB (+0.50%) and the Spanish IBEX 35 (+0.41%) are rising ahead of the Parliamentary vote in Cyprus to reach a solu-tion for the country. “The Cypriot parliament are due to vote today on measures such as capital controls and the bank bills but as yet there does not appear to be a comprehensive plan B in place”, wrote TD Securitites analysts.

Despite recent reports saying Russia rejected loaning to Cyprus, Russian PM Medvedev said he didn’t close the door on aid to the country, according to Bloomberg. Most recent headlines show EU’s Barroso pointing to unanimous decisions by the Eurogroup toward Cyprus, that the country is bur-dened by the size of its banking system but that a solution can be found.

Instead of a slight improvement, the March IFO survey for Germany fell in all counts: business cli-mate dropped from 107.4 to 106.7; current assessment eased from 110.2 to 109.9; expectations fell from 104.6 to 103.6. The market will remain attentive to headlines coming from Cyprus.

Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening by +0.28% ahead of an empty calendar on the last NY session of the week.

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