Attention turns to Europe as US markets closed $XAGUSD
- Published: 07 March 2013
- With the US closed due to the Presidents Day Public Holiday attention turned to European markets with utilities and real estate gaining and mining stocks weaker
- Italian political uncertainty saw a flight to safety in the bond market, with fears that a hung parliament could derail the fragile Italian economy
- The Bundesbank expected the German economy to grow this current quarter and avoid recession after the previous quarters 0.6% contraction in growth
- Comments from ECB chief Mario Draghi echoed a dovish tone for inflation in the region and reiterated the weak state of the economy. The EUR was softer as a result
- French bank Natixis rallied 24% after the bank announced a restructure. The rally was also helped along after CitiGroup upgraded its outlook on the stock to a "Buy"
- Brewer Carlsberg fell 5.8% after reporting a weaker than expected profit
- DOW +0.06%, S&P500 -0.10% and NASDAQ -0.21% (closed)
- It was a quiet night in currencies with the EUR weaker then stabilizing later
- Gold was quiet after recent heavy losses and Crude eased off 0.1% overnight
