Eurogroup comments hit Europe shares, Bund futures rise
EUROPEAN shares trimmed gains on Monday while German Bund futures hit a session high, after the head of the Eurogroup said a Cyprus bailout deal could be a new template for resolving euro zone banking problems.
The pan-European FTSEurofirst 300 index trimmed gains to trade just 0.1 percent higher at 1,190.16 points, having been up 0.9 percent earlier in the session, while the euro zone's blue-chip Euro STOXX 50 index turned negative to fall 0.5 percent.
German Bund futures, a safe haven asset sought at times of market stress, rose to a session high of 144.65, up 28 ticks on the day.
Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, told Reuters and the Financial Times that the Cyprus rescue programme represented a new template for resolving euro zone banking problems and other countries may have to restructure their banking sectors.