"Expectations are very low for the upcoming European summit, " said Tim Waterer, senior trader at CMC Markets in Sydney.
"The developments in Boston are likely to trigger an initial reaction of caution, " said Michael McCarthy, chief market analyst at CMC Markets.
"That does appear to have knocked some of the stuffing out of the recent market rally, " said Michael Hewson, market analyst at CMC Markets.
But Michael Hewson, an analyst at CMC Markets, doubted whether Mr Berlusconi's speech, made after European stock markets had closed, would calm investors' nerves.
"Crude oil prices have struggled to react with conviction one way or the other, " said Michael Hewson, senior market analyst at CMC Markets in an email commentary.
"The market isn't convinced that what we have seen in Cyprus won't have long-term effects on the euro zone, " said Tim Waterer, senior trader at CMC Markets in Sydney.
"The market is not convinced that what we have seen in Cyprus will not have long-term effects on the euro zone, " said Tim Waterer, senior trader at CMC Markets in Sydney.
"Investors remain reluctant to hold positions without confirmation the U.S. central bank will print their way out of any deterioration in the economic situation, " said Sydney-based Ben Taylor, sales trader at CMC Markets in a note.
"If European policymakers were looking for a way to undermine the public trust that underpins the foundation of any banking system they could not have done a better job, " said Michael Hewson, senior market analyst at CMC Markets.
"A large part of this fall will undoubtedly be attributed to the fallout from Hurricane Sandy as well as uncertainty brought on by the political logjam that was the fiscal cliff negotiations, " said Michael Hewson, senior market analyst at CMC Markets.
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