U.S. stock futures jumped as soon as it was apparent that lawmakers were close to securing a deal on Sunday evening.

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As soon as it became publicly available, however, it was apparent that it had been conducted in close coordination with CalPERS and its external fund managers, causing it to be flawed in important respects.

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After an election night described as unprecedented in US politics, Mr Gore conceded defeat only to retract that concession half an hour later as it became apparent that the Florida results were still too close to call.

BBC: Bush camp raises stakes

Only when it became apparent that she needed the states' delegates to close the gap with Obama did she change her tune.

CNN: Commentary: No graceful bow-out for Clinton

In each case the trend has already been apparent for a generation or more (the Japanese steel industry, for instance, cut its workforce by close to half in the 1980s).

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