US markets slip on Cyprus worries

19 Mar 2013 Evaluate

The US markets slipped on Monday, for a second session in a row as Europe’s efforts to get a handle on a rescue of Cyprus provided enough uncertainty for a much-anticipated retreat on Wall Street. The Federal Open Market Committee will begin the two-day meeting on Tuesday, and is widely expected to affirm its plans to continue its $85 billion monthly bond purchases, though comments could provide more certainty on how much longer the program will last. Some policy-makers at the US central bank have been concerned that the purchases could eventually unsettle financial markets or cause the Fed to take losses. The central bank is buying $85 billion a month of Treasury and mortgage-backed securities because it wants unemployment to fall more quickly. On the economy front, a gauge of confidence among home builders declined in March to the lowest level since October, hurt by weaker views on current sales of single-family homes, a trade group stated. The National Association of Home Builders/Wells Fargo housing-market index decreased to 44 in March from 46 in February for a second month of declines.

In Europe, a bailout of Cyprus announced over the weekend which includes a controversial levy on bank deposits shook up financial markets. Cyprus on Monday put off for another day a debate on a bank-deposit levy in the Parliament, a precondition to receiving a 10 billion Euros ($13.07 billion) bailout, and stated that its banks would remain closed until Thursday, as the government sought more time to shore up support for the tax and raced to avert a collapse of its banking sector. The unexpected move set off the worries that other struggling nations in the euro zone may face similar bank deposit tax and may set off a bank run in Greece, Italy and Spain.

The Dow Jones Industrial Average lost 62.05 points or 0.43 percent to 14,452.10, the S&P 500 dropped 8.60 points or 0.55 percent to 1,552.10 and the Nasdaq slipped 11.48 points or 0.35 percent to 3,237.59.

The Indian ADRs closed mostly in red on Monday, ICICI Bank was down 0.73%, Tata Motors was down 0.45% and Infosys was down by 0.37%. On the other hand, Wipro was up 0.04% and Tata Communications was up by 0.02%.

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