Global Stocks Shrug Off Cyprus Fears

Equities are trying to gain this morning as investors await more news from Cyprus.

S&P 500 futures have been pushing higher in the last hour, while most European indexes are trying to erase earlier losses. Asian markets were mixed, but Japan continued to show remarkable strength as momentum buyers drove up the Nikkei by more than 2 percent. Shanghai also advanced almost 1 percent, though Hong Kong’s Hang Seng fell marginally.

The market is sitting once again near long-term highs, supported by an improving global economy and abundant cash on the sidelines. There was a scare yesterday after Eurozone officials tried to impose an onerous bailout package on Cyprus, funded by raiding private bank accounts. Now there are major doubts that the measure will pass the country’s parliament, raising fears that the country is vulnerable to financial crisis.

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