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Agile Tokyo Financial

Agile Tokyo Financial

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  • commodities reviews agile financial Tokyo Canadian stocks fell for a second day as commodities producers declined after Cypriot lawmakers rejected an unprecedented bank levy, sparking concerns Europe’s debt crisis will worsen. Pengrowth Energy Corp. (PGF) lost 1.2 percent as oil retreated after the euro fell to a three-month low versus the dollar. Legacy Oil + Gas Inc. slid 5.6 percent after an analyst raised concerns about its debt. Taseko Mines Ltd. and Teck Resources Ltd. fell at least 4 percent as copper touched the lowest level in almost seven months. Lululemon Athletica Inc. (LLL)slumped 2.6 percent after it said a shortage of women’s pants will cause quarterly revenue to miss company forecasts. The Standard & Poor’s/TSX Composite Index (SPTSX) fell 7.89 points, or 0.1 percent, to 12,773.87 in Toronto, after gaining as much as 0.4 percent earlier in the day. The S&P/TSX has risen 2.7 percent this year. Trading volume was 5.5 percent below the 30- day average. “It’s a knee-jerk reaction, given how small Cyprus is,” said Anil Tahiliani, a fund manager with McLean & Partners in Calgary. The firm manages about C$1 billion ($973 million). The European Union “won’t let Cyprus implode. I think people are using this as an excuse to take money off the table.” The island nation’s parliament voted against imposing losses on depositors, a key demand of European officials in return for bailout funds. Equities briefly pared losses after the vote when the European Central ...

  • agile tokyo financial reviews LONDON (MarketWatch) — European stock markets staged broad-based losses on Monday, after a bailout proposal for Cyprus, including a controversial levy on bank deposits, stoked fears that other struggling countries would follow the same path. The Stoxx Europe 600 index (XX:SXXP) lost 0.2% to close at 296.81. The losses mirrored a weak trading day in Asia along with softness for U.S. stocks, on the back of 10 billion euro ($12.9 billion) deal to bail out Cyprus announced over the weekend. U.S. stocks open sharply lower on Cyprus deposit tax. The bailout agreement came with an unprecedented levy on bank deposits, with depositors with more than €100,000 euros taxed at 9.9%, while those with less at 6.75%, marking the first time in the euro-zone crisis that depositors will lose money and raising fears such measures could spread to other struggling euro-zone nations. Here’s why markets are in an uproar over Cyprus deposit tax A vote on the bailout was reportedly pushed back a day, as President Nicos Anastasiades, who has been in parliamentary meetings in Nicosia, reportedly wants the terms of the deal amended.

    “Should depositors in Cyprus or other peripheral countries feel safe now? They may not. After all, deposit-guarantee schemes do not guarantee against a levy. Depositors may also have to factor in that the one-off levy could inspire national governments to do the same thing. So the risk of bank runs has just gone up,” analysts at Danske Ban...

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