LONDON, July 13 (Reuters) – Emerging stocks rallied on
Wednesday, recouping some of the previous day’s losses on news
China’s economy cooled moderately, and most emerging European
currencies recovered from lows set on euro zone contagion fears.
Chinese stocks rose 1.5 percent , driving emerging
equity gains, following data showing second quarter growth of
9.5 percent in the world’s second-largest economy, a slightly
more modest slowing than some had feared.
LONDON, July 8 (Reuters) – Worries about the peripheral euro
zone banking sector tempered optimism over upcoming U.S.
employment data on Friday, knocking world stocks from earlier
five-week highs and weakening U.S. stock index futures ahead of
the Wall Street open.
Italian debt insurance costs rose by more than 10 percent
and the euro fell on concern Italy’s banking sector may need
additional cash after EU stress tests.
LONDON (Reuters) – Emerging market debt issuance has soared in the first six months of 2011, driven by heavy corporate bond volumes and flying in the face of debt problems in the developed world, but risk aversion may erode demand in the second half.
Emerging issuance hit record levels in 2010 close to $300 billion, analysts estimate, and while bond sales have slowed recently, borrowing in the first half of this year is still up 33 percent on a year ago, at $175 billion, according to data from ING.
LONDON, June 7 (Reuters) – Ghana’s central bank targets an
appreciation of 5 percent in its cedi currency over the rest of
the year, the bank’s deputy head said on Tuesday, as the
country’s growth prospects look strong due to oil.
Inflation is likely to remain below 10 percent at the end of
2011, however, Millison Narh told a conference.
“We have a 5 percent (cedi) appreciation target for the rest
of the year. We do not expect (deviation) of more than 2 percent
plus or minus (from the target),” he said.
African finance ministers and other officials are heading to Lisbon for the African Development Bank’s annual meeting next Thursday and Friday, with investors, bankers and government officials networking and going to fringe meetings earlier in the week.
It’s the first AfDB meeting to take place in Europe for 10 years, and comes at a time when several European countries, including the meeting’s hosts, have themselves gone to bodies like the International Monetary Fund for a bail-out.
LONDON (Reuters) – China’s yuan and its emerging economy peers could become reserve currencies sooner than many investors think, as some experts reckon the hurdles of convertibility and policymaker inertia are easily negotiated.
China and other countries from the BRICS nations — Brazil, Russia, India and South Africa — would like their currencies to make up part of the International Monetary Fund’s special drawing right (SDR), which is used as a reserve asset.
LONDON, May 26 (Reuters) – China’s yuan and its emerging
economy peers could become reserve currencies sooner than many
investors think, as some experts reckon the hurdles of
convertibility and policymaker inertia are easily negotiated.
China and other countries from the BRICS nations — Brazil,
Russia, India and South Africa — would like their currencies to
make up part of the International Monetary Fund’s special
drawing right (SDR), which is used as a reserve asset.
LONDON (Reuters) – Political protests in Uganda and a global outcry over proposed anti-gay legislation risk driving investors away from east Africa’s third-largest economy, which has been attracting foreign funds with the lure of oil and its strategic location.
The “Arab spring” uprisings in North Africa and the Middle East are also making investors more wary of political risk elsewhere and could derail growing confidence in Uganda, which relies on international aid for a third of its budget spending.
LONDON, May 3 (Reuters) – Emerging stocks dropped 1 percent
on Tuesday as falling commodity pricesand inflation concerns
outweighed buoyancy on the death of Osama bin Laden, with a
large Indian rate hike depressing Indian equities.
The dollar trimmed initial gains but commodity-producing
markets came under pressure from a fall in energy and raw
materials prices, as bin Laden’s death was initially seen
lessening Middle East security risks.
“We saw a move up yesterday when there was a knee-jerk
reaction to the death of bin Laden, then realisation set in that
it didn’t really have a meaningful effect on the economic
backdrop, so the U.S. market came off and emerging stocks are
following that,” said John Lomax, head of emerging equity
strategy at HSBC.
LONDON (Reuters) – The prospect of low U.S. interest rates for some time is likely to trigger more dollar selling next week, with upcoming central bank meetings in Europe serving as a reminder of greater chances of rate rises elsewhere.
The Federal Reserve’s promise this week of continued ultra-loose monetary policy in the world’s largest economy has taken U.S. and global shares to new peaks — the Nasdaq index