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PACIFIC WATCH

Australia

September 27, 1993|From Times Staff and Wire Reports

Australia Receives Shot in Arm with 2000 Olympics: A wave of confidence swept through the nation's financial markets as investors bet on a boost to the economy based on Sydney's successful bid for the 2000 Olympics. The stock market jumped 30 points Friday, or 1.6%, and the local dollar surged nearly half a U.S. cent before calming down as investors digested the business impact of the decision. Analysts said the Games will be a windfall for Australia, where the worst recession in more than 60 years has kept business confidence low and unemployment high.

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