European stock market futures pointed to sharp losses for markets on Monday. News of an unprecedented levy on bank deposits in Cyprus as part of a bailout triggered a selloff for the euro and losses for Asia markets. U.S. stock market futures were also sharply lower.
Futures for the German DAX 30 index fell 1.5% to 7,930.50, while those for the FTSE 100 index fell 1.8% and those for the French CAC 40 index slid 1.8%. News of the levy came over the weekend after the country accepted a 10-billion-euro rescue plan, on the condition that the government impose a levy on bank deposits.