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With Hollande's ouster of Sarkozy, Merkel has lost an important ally in her austerity drive (Photo: Francois Hollande)

Europe's left-wing turn worries markets

With a Socialist president in France and a strong popular mandate in Greece for re-negotiating the terms of its bail-out, the German-driven focus on budget discipline in Europe may have to soften.

The euro traded at its lowest in three months on Asian markets Monday morning (7 May), down to $1.29 from $1.3 on Friday. It also fell against the Japanese yen from 104.5 on Friday to 103.4.

An investor note from the National Australia Bank spelled out the worries: "The Hollande win in ...

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With Hollande's ouster of Sarkozy, Merkel has lost an important ally in her austerity drive (Photo: Francois Hollande)

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