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Broadgate: Market News 9/5

9 May 2012

Asian stocks fell to the lowest level in more than three months and New Zealand’s dollar dropped for an eighth day on concern Greek leaders will back out of bailout agreements. Europe’s debt crisis could further slow Chinese export growth.

Alexis Tsipras, leader of Greece’s Syriza party, said he plans to form a government that would nationalize banks, repeal recent labor reforms and cancel the bailout accords.

Greek political tension has fueled concern the debt-stricken nation will be the first to exit the euro, dimming the earnings outlook for exporters. “Political turmoil in Greece raised concerns that the nation may not implement austerity measures and worsen Europe’s debt crisis,” said analyst Ken Kajisa.

Australian bond yields and the currency sank as the government announced the first budget cuts in at least 42 years. The Aussie retreated 0.4 percent, dropping versus all but one of its 16 major peers. This comes after Prime Minister Julia Gillard said the budget surplus her government has promised to deliver would provide scope for the central bank to cut interest rates.

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