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Markets face rough summer ride
For the past few months, the U.S. Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming months. Full Article
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MARKET EYE-BGR Energy falls to 1-year low on weak order backlog
* BGR Energy Systems Ltd shares decline as much as 2.9 percent to a one-year low after margins miss estimates and as high interest costs resulted in a 24.3 percent fall in December quarter net profit. * The energy equipment maker on Friday reported a sequential decline in backlog to 136 billion rupees versus 140 billion rupees as of end-Sep 2012, implying lack of any major order wins in the third quarter. * "We expect margins to remain under pressure as more competitively bid EPC and BTG orders start contributing to revenue over the next few quarters," Goldman Sachs said in a note. * At 0451 GMT shares are down 2.2 percent at 229.90 rupees. (manoj.dharra@thomsonreuters.com/ manoj.dharra.thomsonreuters.com@reuters.net)
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