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Market Perspective Summary

    Australian Value: May 2013

    June 12, 2013

    Weak domestic economic data, particularly regarding consumer confidence and building approvals and a continued pullback in mining investments, drove the Australian market down by 4.5%, as measured by the S&P/ASX 300 Index. The RBA cut rates by 25 basis points, taking the cash rate down to a record low of 2.75%. This, along with the possibility of a tapering in the quantitative-easing program in the US, drove down the Australian dollar to $0.96, a 20-month low.

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