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WireTap 0900 01/05/12

A round-up of the key stories across the specialist financial media, including news that Lloyds has posted a pre-tax profit of £288 million for the first quarter

Lloyds swings back into profit

Lloyds on Tuesday posted a pre-tax profit of £288 million for the first three months of 2012, which compared with a £3.47 billion loss in the same period a year earlier.

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Hong Kong bourse studies making bid for London Metal Exchange

Hong Kong Exchanges & Clearing Ltd, Asia’s largest bourse operator, said it is studying a bid for the London Metal Exchange, as growth slows and it seeks to build up a commodities business.

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China''s official PMI rises to 13-month high in April

China''s official purchasing managers'' index rose to a 13-month high in April, signalling the economy has found a footing and might be recovering from a first-quarter trough, but smaller factories are still struggling.

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Australia cuts interest rates by 50 basis points 

The Reserve Bank of Australia on Tuesday lowered its official cash rate by the largest amount since the height of the global financial crisis in an effort to support the Australian economy, which it said was growing at a slower-than-expected rate.

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BofA to cut from elite ranks

Bank of America is planning about 2,000 staff cuts in its investment banking, commercial banking and non-US wealth-management units.

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