Asian Stocks Rebound From 6-Month Amid Earnings Optimism (Source: Bloomberg)
Asian stocks rose, with the regional benchmark index rebounding from a six-month low, after Capcom (9697) Co. predicted higher earnings and Hong Kong Exchanges & Clearing Ltd. posted profit that beat analysts’ estimates. Capcom jumped 6 percent in Tokyo after the video game developer predicted full-year net income will increase 46 percent. Honda Motor Co., Japan’s second-largest carmaker, climbed 1.9 percent after Credit Suisse Group AG raised its rating to outperform, the equivalent of buy. Leighton Holdings Ltd. added 0.7 percent in Sydney as the Australia’s largest construction company reaffirmed its profit forecast. “It’s not as bad as it seems,” said Stan Shamu, a market strategist at IG Markets in Melbourne, a provider of trading services in stocks, bonds and commodities. “There are still growth concerns, but yesterday was just an easier decision for people to exercise caution. After such a big reaction we’d expect markets to come back.”
The MSCI Asia Pacific Index (MXAP) gained 0.3 percent to 121.57 as of 9:41 a.m. in Tokyo, with more than shares rising for each that fell. The measure lost 2.9 percent in the past three days on concern Europe’s debt crisis may worsen amid political changes and the global economic recovery may falter as Australia’s central bank cut its economic growth forecast and U.S. services industries expanded less than forecast.
S&P 500 Halts 3-Day Slump After Europe Vote as Banks Rise (Source: Bloomberg)
The Standard & Poor’s 500 Index (SPX) advanced, halting a three-day decline, as bank shares rallied after Warren Buffett said American lenders are in “fine shape” and investors weighed elections in France and Greece. Banks had the biggest gain among 24 groups in the S&P 500 as Buffett said the nation’s lenders have “liquidity coming out of their ears” and are in better shape than European rivals. Walt Disney Co. (DIS) rose 2.1 percent as the movie “Marvel’s The Avengers” earned a record $200.3 million in its opening weekend. American International Group Inc. retreated 3 percent as the U.S. Treasury Department sold $5 billion of shares. The S&P 500 advanced less than 0.1 percent to 1,369.58 at 4 p.m. New York time, following a 2.6 percent drop in three days. The measure fell as much as 0.4 percent earlier today. The Dow Jones Industrial Average slid 29.74 points, or 0.2 percent, to 13,008.53. About 6.3 billion shares changed hands on U.S. exchanges today, or 5.1 percent below the three-month average.
“U.S. banks are in pretty good shape,” said Paul Zemsky, the New York-based head of asset allocation for ING Investment Management. His firm oversees $160 billion. “In addition, the perception is that European governments are not going to do anything stupid. We’re not talking about a wholesale change in fiscal policy. There was a big reaction to well-telegraphed news. It’s good to see a bounce from the lows.”
Most U.S. Stocks Climb, Led by Banks, While Euro Weakens (Source: Bloomberg)
May 7 (Bloomberg) -- Most U.S. stocks rose, led by banks, after billionaire investor Warren Buffett said American lenders are in “fine shape.” The euro slid for a sixth day and commodities fell after French Socialist Francois Hollande was elected president and Greek voters picked anti-bailout parties. The Standard & Poor’s 500 Index (SPX) added less than 0.1 percent to 1,369.58 at 4 p.m. in New York as six stocks gained for every five that fell on U.S. exchanges. The euro lost 0.3 percent to $1.3051 as the shared currency extended its longest losing streak since September. Ten-year French yields slipped three points to 2.80 percent and the CAC-40 Index of stocks rallied 1.7 percent. The S&P GSCI Index of commodities fell for a fourth day, declining 0.2 percent. Ten-year U.S. Treasury yields were little changed at 1.88 percent.
Financial shares rose 0.7 percent as a group to lead gains among the 10 main industries in the S&P 500 after Buffett said U.S. lenders have “liquidity coming out of their ears.” Speculation that European austerity measures will be curbed grew after Hollande’s victory made him the first Socialist to take the helm of Europe’s second-biggest economy in 17 years. The Greek parliament will have three new anti-bailout parties represented. “Every time Buffett gives the seal of approval, it helps certain stocks or segments of stocks,” Bruce McCain, who helps oversee more than $20 billion as chief investment strategist at the private-banking unit of KeyCorp in Cleveland, said in a telephone interview. “As for Europe, we’ve priced in some of what’s happened. Yet investors are not really quite sure of what to make of those trends.”
European Stocks Advance After Elections in France, Greece (Source: Bloomberg)
European stocks rose the most in more than a week as German Chancellor Angela Merkel said she will receive French president-elect Francois Hollande with “open arms” as they work together to tackle the debt crisis. France’s BNP Paribas SA (BNP) and Societe Generale SA (GLE) erased earlier losses. Italian banks rallied as UBS AG recommended UniCredit SpA (UCG) and Intesa Sanpaolo SpA. (ISP) CSM (CSM) NV jumped 19 percent after saying it will sell its U.S. and European bakery-supply units. Greece’s ASE Index (ASE) plunged the most since November as voters switched to anti-austerity parties in yesterday’s election, boosting concern the nation will default. The Stoxx Europe 600 Index (SXXP) rose 0.7 percent to 254.83 at the close of trading, erasing an earlier decline of as much as 0.8 percent as a report showed German factory orders topped forecasts. Today’s gain was the biggest since April 27 and takes this year’s advance to 4.2 percent.
“Since last week it has been obvious to most people that Hollande would defeat Sarkozy, but what we need to see is how he’ll work together with Merkel and what that will mean for the euro zone,” Alexander Kraemer, a strategist at Commerzbank AG, said in a phone interview from Frankfurt. “The question will be how any new growth initiatives will be implemented. Will it be spurred by new government spending, being the absolute opposite of austerity measures, or will it be achieved through liberating the labor market.”
Emerging Stocks Drop to 3-Month Low as Oil Falls on Vote Results (Source: Bloomberg)
Emerging-market equities slumped to the lowest level in more than three months, with Korean and Taiwanese stocks leading declines, as French and Greek voters rejected pro-austerity parties and oil slipped to a 2012 low. The MSCI Emerging Markets Index (MXEF) lost 1.1 percent to 1,001.85 by 5:46 p.m. in New York, the weakest since Jan. 25. Industrial and information technology companies drove declines as Samsung Heavy Industries Co. (010140) fell the most since November. South Korea’s Kospi Index and Taiwan’s Taiex slid more than 1.6 percent. Brazil’s Bovespa Index (IBOV) advanced for the first time in three days as Hypermarcas SA (HYPE3) jumped in Sao Paulo.
Socialist candidate Francois Hollande defeated President Nicolas Sarkozy in French elections, while Greece’s political leaders struggled to form a coalition government after voters flocked to anti-bailout parties. Crude oil sank to as three- month low of $97.94 a barrel, pushing the Standard & Poor’s GSCI Spot Index of commodities down for a fourth day on concern a slowing global economy will hit resource demand. “Emerging market weakness is carrying over from last week because euro zone debt concerns and slow growth recession concerns are still floating around,” Win Thin, global head of emerging markets strategy at Brown Brothers Harriman & Co., said by phone in New York today. “The soft data is not good for risk assets.”
Facebook’s Zuckerberg Meets Would-Be Investors in New York (Source: Bloomberg)
Facebook Inc. (FB) Chief Executive Officer Mark Zuckerberg and other officials touted growth prospects for the largest social network in a meeting with hundreds of would- be investors ahead of its record initial public offering. Investors watched a video featuring pitches by Zuckerberg, Chief Operating Officer Sheryl Sandberg and Chief Financial Officer David Ebersman, and then asked questions of the trio, said several people who attended today’s meeting at the Sheraton New York Hotel. The executives discussed their reasons for acquiring photo-sharing site Instagram and told investors they were optimistic about potential for future gains at Facebook. Facebook plans to raise as much as $11.8 billion in its IPO, the biggest ever for an Internet company. Zuckerberg, 27, has had to pitch his business model during Facebook’s years as a private company and probably won’t have trouble communicating the mission to prospective public investors, said Herman Leung, an analyst at Susquehanna International Group.
“It’s important to hear directly from him for investors who are about to put millions and millions of dollars into a company,” said Leung, who is based in San Francisco. “Convincing others now they should buy shouldn’t be that hard for a company that has amassed a user base of over 900 million.”
Japan’s Topix Index Rebounds on Signs Shares Oversold; Yen Falls (Source: Bloomberg)
Japanese stocks rose, with the Topix (TPX) Index rebounding from its worst slide in nine months, amid speculation shares on the gauge were oversold. Gains in the yen eased, brightening the outlook for exporters. Nissan Motor Co. (7201), a carmaker that gets almost 80 percent of its revenue overseas, gained 1.6 percent. Video-game developer Konami Corp. (9766) rallied 4.7 percent after plunging 18 percent yesterday. Marubeni Corp. (8002) rose 3.8 percent on a report the trading house is in talks to buy U.S. grain company Gavilon LLC. “The yen’s climb, one of the biggest market concerns, has halted, driving gains in exporters’ shares,” said Fumiyuki Nakanishi, a strategist at Tokyo-based SMBC Friend Securities Co. “Some technical indicators are signaling that stocks are a buy and the price-to-book ratio is undervalued.”
The Topix rose 0.4 percent to 775.01 as of 9:43 a.m. in Tokyo, climbing back from yesterday’s drop, the steepest since Aug. 5. The Nikkei 225 Stock Average (NKY) gained 0.7 percent to 9,180.73, with volume about 8 percent below the 30-day average.
FOREX-Euro tumbles as Greek vote threatens austerity
LONDON, May 7 (Reuters) - The euro fell heavily across the board after Greek and French elections cast doubt on politicians' commitment to austerity plans aimed at tackling the euro zone debt crisis.
"The reaction in the foreign exchange market shows if it really comes to the point where it's clear European politicians will step back from austerity measures that will be perceived as very negative by financial markets," said Lutz Karpowitz, currency analyst at Commerzbank.
Euro Drops to 3-Month Low After Greek, French Elections (Source: Bloomberg)
The euro weakened to a more than three-month low after Francois Hollande was elected president of France and as Greek voters flocked to anti-bailout parties, stoking concern austerity efforts in Europe may be derailed. The 17-nation currency slid for a sixth day, its longest series of declines since September, dropping as much as 1 percent before paring losses. Hollande, who becomes the first Socialist in 17 years to control Europe’s second-biggest economy, pledged to push for less austerity and more growth in the region. The yen weakened against most of its major counterparts as stocks gained, boosting demand for risky assets. “The outcomes in both France and Greece are decidedly negative for the euro,” said Omer Esiner, chief market analyst in Washington at Commonwealth Foreign Exchange Inc., a currency brokerage. “There’s still a risk that we see this result in some kind of clashes between France and Germany going forward, based on their views on growth versus austerity. That is a key risk for the euro.”
The euro declined to $1.2955, the weakest since Jan. 25, before trading 0.3 percent lower at $1.3051 at 5 p.m. New York time. It dropped 0.2 percent to 104.28 yen. The U.S. dollar advanced 0.1 percent to 79.92 yen.
No Repeating Slowdown Seen by U.S. With Banks to Housing (Source: Bloomberg)
The smallest gain in U.S. payrolls in six months need not presage the kind of slowdown that bedeviled the world’s largest economy for the past two years. Rising auto sales, improving bank credit and stabilization of housing are among the signs the economy is more resilient now than it was around the same time in 2010 and 2011, according to Marisa Di Natale, an economist at Moody’s Analytics in West Chester, Pennsylvania. “From where we sit right now, we think the economy looks fundamentally stronger,” Di Natale said. “Surveys of business and consumer confidence are better, the labor market data looks a lot better than it did last year, even some of the housing data looks better.”
Stocks and bond yields fell on May 4 after a report showing payrolls climbed 115,000 in April, less than the 160,000 median forecast in a Bloomberg News survey of 85 economists. The slowdown followed data showing the pace of economic expansion cooled in the first quarter, prompting concerns that another pickup in growth may again be sputtering.
Ranieri Says Housing Market in U.S. Is Reaching Bottom (Source: Bloomberg)
The U.S. housing market is reaching a bottom, according to Lewis Ranieri, the mortgage-bond pioneer. While “broad” concern that home prices have further to fall is restraining sales, “many, myself included, think we are at a bottom,” Ranieri said today at a conference hosted by the Mortgage Bankers Association in New York. The second or third quarter will prove the nadir, said Ranieri, who added that in his distressed mortgage business “we can’t buy loans fast enough anymore.” Home prices have slumped 35 percent since a 2006 peak, S&P/Case-Shiller index data show. Ranieri, chairman of Uniondale, New York-based Ranieri Partners, helped expand the mortgage-securities market in the 1980s at Salomon Brothers Inc., where he was vice chairman. His firm’s investments include Selene Finance LP, which targets soured debt, and home lender Shellpoint Partners LLC.
Consumer Credit in U.S. Increases by Most in 10 Years (Source: Bloomberg)
Consumer borrowing in the U.S. surged in March by the most in more than a decade on growing demand for educational financing and autos. Credit rose by $21.4 billion, the biggest gain since November 2001, to $2.54 trillion, Federal Reserve figures showed today in Washington. The advance was paced by a $16.2 billion jump in non-revolving debt, including student and car loans. Americans may have been trying to get school financing before a possible increase in interest rates takes place on July 1. Rising consumer confidence also means that households are more willing to take on debt to boost spending, which accounts for about 70 percent of the economy.
“There was a burst of borrowing in March as warm weather pulled forward spring shopping and auto sales were strong,” said Julia Coronado, chief economist for North America at BNP Paribas in New York. “Student loan growth continues to be very strong and a little worrisome. Smoothing through the monthly volatility consumers are becoming a little more comfortable with borrowing to buy cars.”
Rating Companies, Banks Must Face Suits Over Investments (Source: Bloomberg)
Credit-rating companies Moody’s, Standard & Poor’s and Fitch must face a claim they misled investors who lost money in structured investment vehicles, a federal judge ruled. U.S. District Judge Shira Scheindlin in Manhattan dismissed several claims from suits filed by institutional investors in two vehicles, named Rhinebridge and Cheyne. Scheindlin said the investors may go forward with claims the rating companies and other defendants, including Morgan Stanley and IKB Deutsche Industriebank AG, negligently misrepresented the quality of the investments. “Plaintiffs have sufficiently alleged that the rating agencies possessed unique or specialized expertise, and that the rating agencies knew and intended that their ratings would be used by investors in deciding whether or not to invest in Rhinebridge,” Scheindlin said in an opinion filed publicly today. In a separate opinion, Scheindlin said her reasoning also applied to the case filed by investors in the Cheyne structured investment vehicle.
Obama Hits Syria With Brutal Blast of Adverbs (Source: Bloomberg)
The crackdown by Syrian dictator Bashar al-Assad against his own citizens counts as one of the most blood-soaked acts of political repression in the Middle East since his father and predecessor, Hafez al-Assad, waged his own onslaught against anti-regime activists three decades ago. Almost 10,000 people have died in the current Syrian uprising, and each passing day brings the killing and torture of more civilians, including many children. Some critics say the U.S. has shamed itself by not intervening aggressively on behalf of Syria’s rebels and dissidents. They’re wrong. The Obama administration hasn’t helped to arm the rebels, nor has it created safe havens for persecuted dissidents. But it has done something far more important: It has provided the Syrian opposition with very strong language to describe Assad’s various atrocities.
Japan Futures Signal Nikkei Rebound Amid Earnings Outlook (Source: Bloomberg)
Japanese stock futures rose, signaling the Nikkei 225 Stock Average will rebound from the worst slide since November, amid speculation earnings will hold up and after billionaire investor Warren Buffett said American lenders are in “fine shape.” American depositary receipts of American depositary receipts of Sumitomo Mitsui Financial Group Inc., Japan’s second-biggest bank, climbed 1.9 percent from the closing share price in Tokyo. ADRs of Sony Corp., Japan’s biggest consumer electronics exporter, climbed 0.8 percent after shares yesterday fell 4.5 percent. Those of BHP Billiton Ltd., the world’s largest mining company, rose 1.1 percent. Futures on Japan’s Nikkei 225 expiring in June closed at 9,205 in Chicago yesterday, up from 9,110 in Osaka, Japan. They were bid in the pre-market at 9,210 in Osaka at 8:05 a.m. local time. Futures on Australia’s S&P/ASX 200 Index advanced 0.8 percent today. New Zealand’s NZX 50 Index rose 0.1 percent in Wellington.
“It’s not as bad as it seems,” said Stan Shamu, a market strategist at IG Markets in Melbourne, a provider of trading services in stocks, bonds and commodities. “There are still growth concerns but yesterday was just an easier decision for people to exercise caution. After such a big reaction we’d expect markets to come back.”
BOJ Tells Fed Credit Rules May Hinder Japan Monetary Policy (Source: Bloomberg)
Federal Reserve plans for rules on credit risk may hamper monetary policy in Japan and have an “adverse impact” on the liquidity of high-quality sovereign debt, the Japanese central bank said in a letter to the Fed. Single-counterparty credit limits “could have unintended impacts on non-U.S. financial systems,” Bank of Japan Executive Director Kenzo Yamamoto said in the letter dated April 28 and posted on the central bank’s website today. It’s the second time since December that the central bank has expressed concerns about proposed U.S. financial rules, joining companies from Goldman Sachs Group Inc. (GS) to JPMorgan Chase & Co. (JPM) The Fed curbs on counterparty risks for financial firms are aimed at containing the damage from the collapse of a bank or a government to prevent another global financial crisis.
“It’s a polite suggestion from the BOJ,” said Katsuhide Takahashi, Tokyo-based director of credit markets at Citigroup Global Markets Japan. “What the BOJ really means to say to the Fed is don’t make trouble for Japan’s financial system.”
S. Korea Producer-Price Inflation Eases Before Rate Decision (Source: Bloomberg)
South Korean producer-price inflation cooled to the slowest pace in 26 months on a decline in meat and fish costs, according to a report released two days before a monetary-policy meeting. Prices climbed 2.4 percent in April from a year earlier, the smallest gain since February 2010, after a 2.8 percent increase in March, the Bank of Korea said in a statement in Seoul today. Prices fell 0.1 percent from March. “Waning price pressures will give policy makers more room to stay pat for a long time or even cut interest rates,” said Park Sang Hyun, chief economist at HI Investment & Securities Co. in Seoul. “Without a clear sign of growth momentum at home and overseas and a limited government budget, they may consider monetary easing as early as July.”
The Bank of Korea will keep its benchmark rate unchanged for an 11th straight month, according to all 15 economists surveyed by Bloomberg News. Samsung Securities Co. says that the first cut since 2009 may come next quarter as waning inflation allows policy makers to focus on spurring growth.
Putin Returns to Power Amid Street Protests (Source: Bloomberg)
Vladimir Putin said his return to the presidency heralded a “new stage” for Russia, reclaiming the pinnacle of the country’s politics as police detained hundreds of anti-government protesters. “Today we begin a new stage in the nation’s development,” Putin said yesterday. “The coming years will determine Russia’s fate for decades to come.” The Russian leader signed at least a dozen decrees within hours of being sworn in for his third term, assigning deadlines for priorities including state asset sales, improving the investment climate and job creation. Putin also nominated former President Dmitry Medvedev to be prime minister. Putin, 59, inherits an economy with more difficult prospects than when he left the Kremlin in 2008, making it harder to soothe the domestic tension that brought tens of thousands onto Moscow streets on May 6 in the latest protests.
Gillard Seeks Australia Budget Surplus to Halt Poll Slide (Source: Bloomberg)
Australian Prime Minister Julia Gillard plans to end four years of deficits in her government’s annual budget today, seeking to reverse a slide in opinion polls and strengthen its economic credentials. The governing Labor party, which trails the opposition by 18 percentage points in the latest survey, says a return to surplus will give the central bank room to lower borrowing costs in a nation where almost 90 percent of mortgages have variable rates. Economists predict Australia’s unemployment rate last month rose to a seven-month high of 5.3 percent, according to the median forecast ahead of a report due May 10. “By coming back to surplus, we give the Reserve Bank maximum flexibility to cut interest rates should they decide to do so independently of the government,” said Treasurer Wayne Swan, who will deliver the budget to parliament at about 7:30 p.m. in Canberra.
The nation’s first female prime minister, battling political scandals that threaten her minority government’s control of parliament, is aiming to use the budget to shore up Labor before elections due by November 2013. Gillard received a fillip on May 1, when the central bank lowered its benchmark rate, the highest among major economies, by half a percentage point, to 3.75 percent, following cuts in November and December.
India Vows Cuts in Iranian-Oil Imports as Clinton Visits (Source: Bloomberg)
India will curtail its imports of Iranian oil by 20 percent, officials said, as U.S. Secretary of State Hillary Clinton held talks in New Delhi to enlist India’s help with sanctions aimed at pressuring Iran over its nuclear program. Asia’s third-biggest oil importer will cut purchases of crude from Iran to 14 million tons from 17.5 million tons in the 12 months ending March 31, according to two Indian diplomats and two refinery officials who asked not to be identified because they weren’t authorized to speak publicly. The officials said Iranian crude would account for 7 percent of India’s imports in fiscal year 2013, down from 10 percent currently.
India is “certainly working toward lowering their purchase of Iranian oil” and “we hope they will do even more,” Clinton told a gathering of students and civic leaders in the eastern Indian city of Kolkata yesterday, before flying to New Delhi for government meetings. The U.S. believes that there is sufficient production from Saudi Arabia, Iraq and other Persian Gulf nations for Iran’s customers to find alternate suppliers, she said. In their meetings, Indian Prime Minister Manmohan Singh, National Security Adviser Shivshankar Menon and Clinton agreed that Iran must fulfill its United Nations obligations to abandon any possible military dimensions of its nuclear program, according to a State Department official present at the talks who spoke on condition of anonymity.
Euro Drops to 3-Month Low After Greek, French Elections (Source: Bloomberg)
The euro weakened to a more than three-month low after Francois Hollande was elected president of France and as Greek voters flocked to anti-bailout parties, stoking concern austerity efforts in Europe may be derailed. The 17-nation currency slid for a sixth day, its longest series of declines since September, dropping as much as 1 percent before paring losses. Hollande, who becomes the first Socialist in 17 years to control Europe’s second-biggest economy, pledged to push for less austerity and more growth in the region. The yen weakened against most of its major counterparts as stocks gained, boosting demand for risky assets. “The outcomes in both France and Greece are decidedly negative for the euro,” said Omer Esiner, chief market analyst in Washington at Commonwealth Foreign Exchange Inc., a currency brokerage. “There’s still a risk that we see this result in some kind of clashes between France and Germany going forward, based on their views on growth versus austerity. That is a key risk for the euro.”
The euro declined to $1.2955, the weakest since Jan. 25, before trading 0.3 percent lower at $1.3051 at 5 p.m. New York time. It dropped 0.2 percent to 104.28 yen. The U.S. dollar advanced 0.1 percent to 79.92 yen.
Best Stocks in Europe Show German Export Miracle on BMW (Source: Bloomberg)
While Germans debate their role rescuing Europe from its debt crisis, stocks in the DAX Index (DAX) have never had it so good. Companies in Germany were the seven best performers in the Euro Stoxx 50 (SX5E) Index this year as of April 30, led by Bayerische Motoren Werke AG (BMW), the world’s largest luxury carmaker, SAP AG, the biggest producer of management software, and chemical supplier BASF SE. (BAS) That hasn’t happened in at least a decade, according to data compiled by Bloomberg. Optimism about exports and historically low valuations helped push the DAX to the highest level since 1990 compared with the rest of Europe, excluding dividends.
Advances in stocks and bunds underscore confidence in the world’s fourth-biggest economy and may help Chancellor Angela Merkel, who is fighting to preserve European unity after Spanish unemployment approached 25 percent, Italy struggled to sell bonds and Nicolas Sarkozy lost the French presidency. With an economy expanding twice as fast as the region and a balanced budget, equity valuations are 18 percent below the average level since 2006, data compiled by Bloomberg show.
Greek Elections Raise Euro-Exit Risk, Calls for Growth (Source: Bloomberg)
New Democracy leader Antonis Samaras began trying to put together a government after a Greek election that raised fresh questions about the country’s euro membership and triggered the biggest stock-market drop in six months. Samaras was given three days from today to put together a coalition from an assembly split down the middle on whether to renege on the terms of bailout agreements negotiated since May 2010. New Democracy and the socialist Pasok party, rivals until the country’s crisis threw them into a national government together this year, are two seats short of the 151 seats needed for a parliamentary majority. “We respect the will of the Greek people,” Samaras told President Karolos Papoulias in Athens today as he formally received the mandate. Exploratory talks to form a government began immediately and Samaras’s first meeting with Alexis Tsipras, the head of Syriza, which came in second place, ended with Tsipras saying he’d rejected an offer to join a coalition.
New Democracy led in the election, receiving 19 percent of the vote and 108 seats in the 300-seat Parliament. Syriza got 17 percent to score 52 seats; Pasok came third with 13 percent and 41 seats.
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