european stocks euro higher on cyprus deal
Last Updated : GMT 00:50:04
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European stocks, euro higher on Cyprus deal

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Arab Today, arab today European stocks, euro higher on Cyprus deal

London - AFP

European stock markets rose and the euro gained versus the dollar on Monday after Cyprus agreed to a deal that qualifies the eurozone member for a bailout and avoids a collapse of its banking system. Bank shares rallied after the eurozone struck a deadline-day deal with Cyprus Monday -- but only after a radical downsizing of the island\'s financial sector. \"While those in Cyprus will be deeply unhappy with the deal, the news of an agreement has been welcomed in the markets,\" said Alpari trading group analyst Craig Erlam. \"European equity indices are in the green across the board this morning, while the euro is trading back above 1.30 against the dollar and safe haven bonds yields are creeping higher.\" In mid-morning stock market deals, London\'s FTSE 100 index of leading companies was showing a gain of 0.70 percent at 6,437.77 points. In Frankfurt, the DAX 30 advanced 1.44 percent to 8,025.46 points and in Paris the CAC 40 jumped 1.69 percent to 3,833.82. Madrid won 1.30 percent, Milan grew 0.71 percent and Stockholm increased by 0.75 percent in value. The euro climbed to $1.3012 from $1.2986 in New York on Friday. Gold prices fell to $1,603.32 an ounce from $1,607.75 Friday on the London Bullion Market. The Cyprus agreement \"will allow the ECB to continue to provide emergency lending assistance to the Cypriot banking system which if it had been pulled today without an agreement in place would have opened the door to Cyprus leaving the euro,\" noted Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi in London. \"The Cyprus agreement should help to support the euro in the near-term helping to prevent a more sustained euro/dollar break below the 1.3000-level.\" German Finance Minister Wolfgang Schaeuble meanwhile said that the bailout deal sealed Monday between eurozone nations and Cyprus is a fair one that will restore shaken faith in the debt-laden country and stabilise its economy. \"The result is a fair one for everybody involved,\" Schaeuble told a news conference. It will serve as a basis for negotiations with the troika of international creditors, will \"help win back lost confidence\" and shore up Cyprus\' finances, he said. Cyprus President Nicos Anastasiades battled for 12 hours overnight with his eurozone partners and the IMF to secure the deal. In the end however, he let one banking chain go to the wall and left major investors in the island\'s biggest bank -- many of whom are Russian -- take a giant hit. The head of the Eurogroup of finance ministers, Jeroen Dijsselbloem of the Netherlands, insisted: \"We\'ve put an end to the uncertainty that affected Cyprus and the euro area over the last few days.\" Under the terms of the agreement the island\'s second largest lender Laiki (Popular Bank) will be wound up, an operation Dijsselbloem said would deliver a 4.2-billion-euro ($5.5 bn) saving. European banking shares rallied on the outcome in Monday trading, with Barclays winning 2.14 percent to 298.25 pence, BNP Paribas up 2.74 percent to 42.30 euros and Deutsche Bank jumping 2.28 percent to 33.13 euros.

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