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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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Cyprus Internet Directory [ US stimulus delays weigh, but emerging stocks up ]

US stimulus delays weigh, but emerging stocks up

US stimulus delays weigh, but emerging stocks up
February 09, 2009 - Reuters

Equities were weaker in Europe and Japan on Monday but emerging markets were putting in a fifth consecutive day of gains, reflecting what some analysts see as a gradual return of investor risk appetite.

The dollar was stronger against a basket of major currencies but the Japanese yen gained.

Caution remained over the contents of both the U.S. stimulus package and a delayed plan to rescue the U.S. banking system.

"This is the world's biggest casino throw we've ever seen," Justin Urquhart Stewart, director at Seven Investment Management, said of the U.S. economic package. "There is no certainty in this market."

Squabbling over the U.S. rescue plan was set to continue later in the day, when the Democratic-led Senate votes to end debate on an $827 billion rescue package so it can be passed on Tuesday.

World stocks as measured by MSCI were down slightly, weakened by trading in Europe, where the FTSEurofirst 300 was down 0.7 percent, and in Japan, where the Nikkei closed down 1.33 percent.

But MSCI's benchmark emerging market index was up 0.4 percent. The index is down just 1.3 percent in 2009, easily outperforming the 5.4 percent loss on the equivalent developed market gauge.

Researchers EPFR Global reported that the global emerging, Asia ex-Japan and Latin America equity funds that it tracks all posted net inflows in its latest weekly snapshot.

Barclays Capital, in the meantime, said currency performance indexes it has constructed are showing a move by market players away from strong risk aversion.

"Though there has been no sign that risk appetite is strongly positive, the backing away from the mood of intense risk aversion is significant," it said in a note.


Nonetheless, Monday's mood on currency markets was generally cautious. The yen rose broadly, buoyed by disappointment at a delay in the announcement of the U.S. bank bailout plan until Tuesday.

"The yen's gains really reflect investor disappointment that the U.S. bank rescue plan was postponed," BTM-UFJ currency economist Lee Hardman said.

"Given the scale of the problem it is clear that we need to see an effective solution as quickly as possible, and the delay has dented confidence in the authorities' ability to get ahead of the curve in resolving it," he said.

The dollar fell 0.6 percent against the yen to 91.37 yen, while the euro lost 0.9 percent to 117.87 yen.

The euro fell 0.3 percent against the dollar to $1.2897, with the U.S. currency up against a basket of major currencies.

On euro zone government bonds markets, the two-year yield was flat at 1.408 percent, while the 10-year yield was steady at 3.362 percent.

(To read Reuters Global Investing Blog click on; for the MacroScope Blog click on; for Hedge Fund Blog click on

(Source: Financial Mirror,

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