TORONTO - The Toronto stock market appeared likely to trade in a tight range Monday as key commodities were mixed and international markets reacted to a bank deposits levy proposed by the Mediterranean island nation of Cyprus.
The Canadian dollar fell 0.22 of a cent to 97.89 cents US.
Cyprus lawmakers are laying out conditions for a national bailout, with the measures being proposed in terms of bank levies stoking fears of bank runs in the other 16 countries that use the euro.
Lawmakers postponed a planned vote Monday on a deposit tax of 6.75 per cent on accounts of up to €100,000 (US$131,000) and 9.9 per cent over that amount.
Still, shock over a threat to private property spread rapidly, sending markets in Britain, German and France down one per cent or more.
On Wall Street, Dow Jones industrial futures are down 83 points to 14,350. The broader S&P futures have lost 13.8 points to 1,539.80. Nasdaq futures are down 26 points to 2,764.50.
In commodities, the April crude contract on the New York Mercantile Exchange fell 86 cents to US$92.59 a barrel.
Gold stocks were up 0.3 per cent as April bullion rose $13.80 to US$1,606.40 an ounce.
In Europe, the FTSE 100 index of leading British shares was down one per cent at 6,428 while Germany's DAX fell 1.5 per cent to 7,958. The CAC-40 in France was 1.5 per cent lower at 7,955. Cyprus' stock exchange was closed for a bank holiday.
In Asia, Japan's Nikkei 225 index slid 2.7 per cent to 12,220.63, while Hong Kong's Hang Seng dropped 2 per cent to 22,082.83.