“….“Investors have come back a bit on Cyprus and the immediate impact it may have on the broader euro zone and have concluded that Cyprus alone isn’t enough to re-ignite a crisis,” Norman Villamin, who helps oversee $64 billion as European chief investment officer at Coutts & Co. in Zurich, said. “But we look at the tools and the approach being taken and think it’s really making any future problems much more risky for euro-zone policy makers to handle.”
German Manufacturing
A purchasing managers’ index for Germany’s manufacturing industry unexpectedly fell to 48.9 this month. The median economist forecast had called for a reading of 50.5, according to a Bloomberg News survey. A separate report showed that manufacturing in France contracted more than estimated.
“The French indices disappoint again, and also the German numbers are very unsatisfactory,” Ulrich Wortberg, an analyst at Helaba Landesbank Hessen-Thueringen in Frankfurt, wrote in a note to clients….”
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