EUROPEAN stock markets mostly climbed on Thursday and the euro dipped versus the dollar as Cyprus' banks reopened and traders prepared for a long Easter weekend as the first quarter draws to a close.
London's FTSE 100 index of leading companies grew 0.57 per cent to stand at 6,362.96 points approaching midday in the British capital.
Frankfurt's DAX 30 gained 0.20 per cent to 7,805.43 points, also after mixed German economic data, and in Paris the CAC 40 won 0.15 per cent to 3,717.25.
Madrid fell 0.12 per cent and Milan climbed 0.51 per cent.
"There are plenty of reasons not to be adding risk today: month-end, quarter-end, four-day weekend, and then, obviously, Cyprus," said IG trader Will Hedden in reference to FTSE investors.
"It has been a good quarter for equities, so money managers everywhere will be pretty happy to bank some profits before they tuck into their Easter eggs."
Despite the current eurozone problems fuelled by Cyprus' controversial bailout terms, stocks markets have risen solidly since the start of 2013, largely thanks a slowly improving US economy and some better European economic data.
The London stock market has risen 8.62 per cent since the beginning of January, Frankfurt by 2.59 per cent and the CAC 2.13 per cent. Madrid though has fallen 3.53 per cent.
The world's biggest economies are slowly recovering from a 2012 slowdown, the OECD said in a near-term of assessment of G7 nations on Thursday, with Japan and the United States leading the way, ahead of a struggling two-speed eurozone.
Emerging economies were tipped to remain by far the strongest growth performers with China expected to expand by well more than 8.0 per cent in the first half of 2013, the Organisation for Economic Development and Cooperation said.
The OECD forecast that the full Group of Seven (G7) most industrialised economies, which does not include China, will grow by 2.4 per cent in the first quarter of this year on an annualised basis and by 1.8 per cent in the second.
Equity markets meanwhile mostly rose Thursday as Cyprus banks reopened under armed guard after a nearly two-week lockdown, but customers faced harsh curbs to stop them draining the island's coffers after its eurozone bailout.
Queues of dozens of people formed before the doors swung open at 12:00 pm (1000 GMT) for the first time since March 16, and there were tensions as a few branches opened late, with customers banging on the doors.
World markets have been jittery over the crisis, which has seen capital controls imposed for the first time by a eurozone economy to prevent financial meltdown after the 10-billion-euro ($13-billion) EU-IMF rescue package.
Under a deal agreed in Brussels on Monday, Cyprus must raise 5.8 billion euros to qualify for the full 10-billion-euro loan from the "troika" of the European Union, European Central Bank and International Monetary Fund.
Depositors with more than 100,000 euros in the top two banks - Bank of Cyprus (BoC) and Laiki or 'Popular Bank' - face losing a large chunk of their money.
Bank share prices were largely higher Thursday after some heavy losses earlier in the week, with BNP Paribas up 1.41 per cent to 40.23 euros, Deutsche Bank winning 1.13 per cent to 30.83 euros and Barclays advancing 1.89 per cent to 293.43 pence.
In foreign exchange deals, the euro fell to $1.2767 from $1.2776 late in New York on Wednesday. The European single currency had on Wednesday fallen under $1.28 for the first time since November.
Gold prices on Thursday edged up to $1,605.60 an ounce from $1,603 Wednesday on the London Bullion Market.
"Investors remain jittery in the near-term over the potential for developments in Cyprus to lead to broader contagion materially undermining investor confidence in eurozone assets," said Bank of Tokyo Mitsubishi foreign exchange analyst Lee Hardman.
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