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Markets in Asia on risk aversion mood again, after calm North America markets with US away for Memorial Day. Concerns over spike in Spanish bonds to 6.50%, and fresh challenge from Greece anti-austerity Syriza party, continue to weigh on sentiment as various government make contingency plans over Greece exit from euro.

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sian stocks have gained some small ground today with the Nikkei up 0.14% and the Hang Seng up 0.66%, value that has been mirrored with a slight rise in Gold and Oil, again the Greeks are responsible for this move as there is some renewed optimism that they won’t cause the end of the world this week.

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Relatively stable markets in early Asia trading, but renewed risk aversion seen creeping back as Cross/JPY, EUR/Cross under pressure in late morning.

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Something of an air of disappointment initially on Wednesday as the long awaited break of 1.2625 on EUR/USD failed to produce any real follow through.

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More Risk aversion in Asia as traders made preparations for Greece euro exit - after some confusion whether former Greek PM Papademos did or did not say about exit preparations. EUR, AUD, NZD, Cross/JPY started the day under pressure, but USD/JPY, Cross/JPY traders were reluctant to sell ahead of BoJ decision - risk event - in case BoJ eased monetary policy further.

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The Bank of Japan will likely stick to its assessment that the flat domestic economy is showing signs of a turnaround, when policy board members convene for a two-day meeting starting Tuesday.

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European leaders are drawing up a series of crisis-fighting proposals to raise at an informal EU summit this week that have in the past been rejected by Germany putting further pressure on Chancellor Angela Merkel.

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European shares were set to open sharply lower on Friday, heading for their worst weekly loss since late November on an escalating crisis hitting Spain’s sovereign debt and its banks, downgraded en masse by Moody’s overnight.

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In a sign of rising anxiety among Greeks, depositors withdrew EUR700 million (about $891 million) from local banks Monday. Chancellor Angela Merkel tried to soothe investor fears by saying in an interview on CNBC that Germany was determined to keep Greece in the euro zone, though reports suggesting that the ECB could stop operations with some Greek banks compounded the confusion.

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It was a pretty dismal day for European markets yesterday as investors seemed to have decided on limiting their exposure to European stocks with financials dragging the FTSE down.

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Europe will carry on dictating the markets today with all eyes on Greece and Karolos Papoulias’s last attempt to form some sort of coalition that can agree on what the rest of Europe wants them to do.

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News reels this morning are explaining to the world that the Greek Co-op government won’t work because all of the parties are at odds with how to deal with the Great Greek Default looming over their heads.

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European and US equity markets saw a gain yesterday lead by banks on speculation that Greece might be able to form a coalition government without having the need for re-elections. Gains in the equity markets could also be attributed to technical buying with bargain hunting off the back of steep losses in the earlier few days.

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Investor sentiment wasn’t done any favours yesterday as the markets awaited a resolution on Greece elections followed by a rise in Spain credit risk. Equity markets saw broad falls with investors fearing the worse, Gold and Silver slid to 4 months low as the Dollar strengthened against the Euro.

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It was a risk off day yesterday with concerns from Greece steering major European and US Indexes. The Euro broke below the crucial psychological barrier of 1.30 against the dollar dragging the precious yellow metal down 2.1% with it.

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