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Imus in the morning.
On the phone bill.
Good morning everyone legislation to tax Cyprus bank deposits is expected to fail to -- potentially pushing the country closer.
To a debt default and a banking collapse.
The parliament there is set to vote on the matter today but no single party has a majority and three parties have said they won't support the tax.
But the Wall Street Journal is reporting that a draft of changes made by Cypriot lawmakers would protect depositors with less than 26000 dollars.
In their accounts that could make it easier to pass but it would raise less revenue than required for the country to receive a thirteen billion dollar international bailouts will be watching that one closely.
Looking -- markets they seem to be -- -- action at least.
Here in the US we've got futures currently to the -- but not by huge amounts Dow futures Europe fifteen yes and he's up by about three the nasdaq's -- four and a half.
In Europe we've had red arrows across the board all morning that you -- London is also changing direction here so markets not sure what to make of this just yet London's up one.
One half points -- Paris is down about eighteen and -- down almost funny but for more on those European markets let's go live to London now talent to -- market analyst.
For IG good morning -- we just mentioned some of the changes and seeing in this draft for this -- bank Levy.
What do you think of the changes -- this is surprising at all that there are still being made this late in the game.
Well -- a couple of things that this will be the third time that they've try to force through votes on this one and they for twice previously been despite.
A we might be completely surprised if he gets the spanked again today they are trying to cram in a lot of negotiations in a pretty short period of time but they've taken action of placing high street banks in Cyprus -- until Thursday.
To a certain extent they have pour themselves a little bit more time as far as that is consent.
As far as the restructuring his consent got to remember that's the ECB has been as aggressive if they have half being in an -- this.
Arguably for political reasons and that is the fact that we've got German elections just around the corner.
And -- Angola Merkel has been looking for maybe.
An opportunity to show her strength to the German electorate that she's in control of the you're saying situation.
I can in place.
Measures that would be am I guess more beneficial or less let's less about.
In positions of the German election so it's unlikely that Germany will be overly keen to.
-- to the the amounts of funds to Cyprus are gonna have to find.
I think certainly as far as Cyprus is concerned that -- -- parts here obviously.
The electric in Cyprus as well which tends to be that the smaller hold its banks savings and and really they will try to restructure so they get hit the least.
But said the overriding aspect of Cyprus if it is of course that it is effectively an offshore bank.
I don't wanna cut and eyes off to spite their face and say if they too aggressive as far as some -- the of the launch of funds a consent they.
I guess Russian funds that are invested with -- or or.
Held that they could -- effectively and harm that business going forward in the years ahead so this is a tricky one not necessary that it's gonna get passed through today.
And us here talking about the postponement is there a drop dead deadline here where they have to do is it Thursday when the banks reopened.
There isn't actually a deadline say they've they've stipulated says -- being that they -- -- which banks are going to be placed on the high street I think once you extend that time frame.
Just the day to day running of the country without the ability of its populace to be able to withdraw cash from the bank.
Makes it very difficult so it sooner rather than later but not necessarily today.
-- that thousand McKay get IG we appreciated to things.
Meanwhile while markets -- may not be looking great right now at least three top Wall Street experts say they'll finish the year.
Better than expected Lawrence and -- -- has more on that it's not everyday and we are optimism about.
Market and a lot of optimism in this case we're talking about three major money managers at three big firms let's not start with first one Morgan Stanley -- apartment there and you know its clients.
Up is price target for the S&P 51434.
That's a pretty big increase come the end of the year.
And he basically is citing the Fed's easy money policies we'll find out more about that tomorrow and that wraps up its two day meeting but also the stronger economic reports that we've seen recently the other one comes from Goldman Sachs up in the target to 1625.
And finally doing to bank.
Also going to 1625.
Gallon just from 16100 so as you can see those are some nice boost for the market as we.
Go to go throughout the year.
And we'll take them -- -- -- five and then L Lawrence in the netting from the newsroom thanks learned -- Let's take a look at commodities now oil and gold and makes this morning despite the markets have been for most of the day we've got oil up by about thirty cents.
-- at 94 dollars a barrel gold is down about two dollars and sixteen owed to announce.
Coming up this hour Imus -- guests of the Neil Cavuto of fox business and now here's the Iron Man live ready to give you the power to prosper.
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