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Broadgate: Market News 23/4

23 April 2012

Socialist Francois Hollande and President Nicolas Sarkozy progressed to the final round of France’s election, with pressure to appeal to the supporters of Marine Le Pen’s anti-euro National Front, who made up 18.1 percent of the vote. Le Pen’s better-than-expected performance highlighted voters’ angst in the face of unemployment at a 12-year high, immigration and a worsening euro region debt crisis. The second round takes place on May 6.

Asian stocks fell, with the regional benchmark index heading for a third straight daily decline, after companies from Daewoo Engineering & Construction Co. to Tokyo Steel Manufacturing Co. posted weaker earnings and after a report that China’s manufacturing may shrink for a sixth month.

Initial euro-area PMI figures for April are expected to show that the pace of contraction slowed, as growth in German services picked up, surveys show. France will release its manufacturing and services data at 9:00 a.m. Paris time, followed by Germany half an hour later.

In China, manufacturing may shrink for a sixth month in April. This will keep pressure on officials to adopt more policies to stimulate economic growth, a survey of companies showed. Premier Wen Jiabao is trying to avert a deeper slowdown in the world’s second-biggest economy that will restrain world growth as U.S. expansion shows signs of moderating.





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