Australian Markets Set To Open Further Up The Cyprus Hill

Photo: Scott Gries/Getty Images

Despite fears in international markets over a deposit-taxing bailout plan, the Australian market doesn’t look like it is headed further down the Cyprus Hill today.

There were falls on international markets last night, with investors cautious following Cyprus’ bailout plan, which includes a deposit tax that one British newspaper yesterday dubbed “the great EU bank robbery.”

This morning the March share price futures contract was up 38 points at 5,044.

Yesterday the Australian market lost 2% as local investors offloaded stocks, spurred on by the European Union’s bailout plan for Cyprus.

The benchmark S&P/ASX200 index was down 104.8 points, or 2.05 per cent, at 5,015.4 points, while the broader All Ordinaries index was down 101.9 points, or 1.99 per cent, to 5,027.4 points

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