Improved sentiment in Europe following the Easter holiday pushed markets higher on Tuesday. Global Investors were reassured, following reports of an extension granted to Cyprus to meet budget targets, as part of the European rescue package expected to reach the country in May.
Cyprus Stock Exchange opened for the first time in two weeks, and declined by 2.5% due to the crisis and the resignation of the country Finance Minister Michael Messaris. Other European stock markets traded higher on the session, recovering from previous week declines.
Wall Street closed at record high with S&P 500 and DJ30 marking all times highs, as good macro data from the US in recent month provides support for the market rally. News on Tuesday showed that U.S. factory orders rose in February by 3% due to an increase in demand for cars and commercial aircraft.
News Wednesday April 03rd:
- 03/04/2013- GBP- Construction PMI- 08:30 GMT.
- 03/04/2013- USD- ADP Non-Farm Employment Change- 12:15 GMT.
- 03/04/2013- USD- ISM Non-Manufacturing PMI- 14:00 GMT.
- 03/04/2013- USD- Crude Oil Inventories- 14:30 GMT.