Why the markets didn't blink at Canberra's affray

So far there’s no hint of change to Canberra’s policy agenda, and markets expect the role of Treasurer to remain in safe hands. But all eyes will be fixed on Kevin Rudd as his views on key issues emerge.

Financial markets have so far brushed off the news that Australia has a new prime minister. The Australian dollar, bond yields and the share price index futures markets took their lead from the swings and roundabouts in China, Europe and of course the US.

The reason for the lack of market reaction has a few different layers.

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