Karin's Feed
Apr 17, 2015

Foreigners queue for opening of $500 bln Saudi bourse

LONDON, April 17 (Reuters) – As Saudi Arabia’s $500
billion-plus bourse prepares to open its doors to foreigners in
June, outside investors appear ready to accept the political and
financial risks as they finally get access to a market that
rivals Brazil and Russia’s.

Worth more than all other Gulf Arab markets combined, it is
one of the last major global bourses to allow direct investment
from foreigners and the opening is the most anticipated economic
reform in the region of recent times.

Apr 8, 2015

Cuba’s commercial creditors form committee to launch debt talks

LONDON, April 8 (Reuters) – A group of commercial creditors
to Cuba have formed a committee to start negotiating a
restructuring of the country’s debt, one of them said on
Wednesday.

“Stancroft Trust… has joined in the creation of a steering
committee to represent the largest holders of London Club Cuban
debt,” Stancroft Trust chairman Nicholas Berry told Reuters by
email, referring to Cuban debt owed to the private sector.

Apr 2, 2015

Dollar, U.S. data lift emerging stocks to 1-month high

LONDON, April 2 (Reuters) – Emerging market shares hit a
one-month high on Thursday thanks to disappointing U.S. data
stemming investment flows lured away by dollar assets.

MSCI’s emerging equity index rose 0.9 percent,
with Russia and Hungary clocking some of the biggest gains after
Wednesday’s data on U.S. jobs and the pace of manufacturing
growth came in short of expectations, weighing on the dollar
.

Mar 31, 2015

Emerging markets hard-currency debt, stocks shine in Q1

LONDON, March 31 (Reuters) – Hard-currency corporate and
sovereign debt as well as equities were the best performers
across emerging markets in the first quarter of 2015, while
local debt and currencies continued to suffer.

Offering exposure to both a strengthening dollar and robust
emerging market economic growth, hard-currency corporate and
sovereign debt chalked up gains of some 2 percent over the first
three months of the year.

Mar 30, 2015

Emerging stocks cheer as China shares hit 7-yr highs

LONDON, March 30 (Reuters) – Emerging market shares started
the week by rising almost 1 percent on Monday, buoyed by Chinese
stocks at 7-year highs, though currencies suffered at the hands
of a recovering dollar and lower oil prices.

MSCI’s emerging equity index rose 0.8 percent,
lifted by China stocks jumping almost 3 percent on
hopes that more infrastructure spending and policy stimulus will
re-energise a cooling economy and boost profits.

Mar 24, 2015

Ukraine creditors must restructure, no benefit to hold out – Finance Minister

LONDON (Reuters) – Ukraine’s debt burden cannot be restructured by just extending the maturity of its bonds, and creditors are unlikely to benefit if they “hold out” to maximise payments, Finance Minister Natalia Yaresko said on Tuesday.

After a year of war and political upheaval that has seen its currency plummet and sent its economy into a tailspin, Ukraine agreed a $17.5 billion (12 billion pound), four-year bailout facility with the International Monetary Fund this month. The deal obliges Kiev to restructure at least $15.3 billion of outstanding debt.

Mar 23, 2015

Oil plan to help Iraq find buyers for international bonds

DUBAI/LONDON, March 23 (Reuters) – Locked in a war against
Islamic State militants, its finances ravaged by the plunge of
oil prices, Iraq can nevertheless count on the promise of its
oil reserves to attract buyers to its first international bond
sale in nine years.

Finance Minister Hoshiyar Zebari told Reuters last week that
the central government was discussing with Citibank and Deutsche
Bank a possible issue of $5 billion of five-year, U.S.
dollar-denominated bonds to help cover its budget gap.

Mar 18, 2015

Emerging currencies mixed, stocks higher on lower oil, tepid dollar

LONDON, March 18 (Reuters) – Emerging currencies traded
mixed on Wednesday while stocks rose to an 8-day high, lifted by
lower oil prices and a tepid dollar ahead of a hotly
anticipated Federal Reserve meeting ending later in the day.

In China, the yuan posted its strongest daily gain in a year
to hit a 2-month high against the dollar, which traders
said was likely to reflect central bank intervention. Russia’s
rouble rose 0.5 percent as exporters sold hard currencies
to settle tax bills, shrugging off oil falling towards $53 a
barrel.

Mar 17, 2015

Foreigners train Nigerian troops as “final onslaught” hits Boko Haram

LONDON (Reuters) – Foreign private security personnel from South Africa, Russia and South Korea are on the ground in northeast Nigeria to train Nigerian troops and are not engaged in frontline combat against Boko Haram, the government said on Tuesday.

According to security and diplomatic sources, Nigeria has brought in hundreds of mercenaries to give its offensive against the Islamist militant group a shot in the arm ahead of the March 28 presidential elections.

Mar 16, 2015

Oil, dividends, cheap assets – return to Russia rewards investors

LONDON (Reuters) – Fund managers who bet on beaten-down Russian stocks and bonds have been rewarded with some of the best returns in emerging markets so far in 2015.

Foreign investors fled Russia last year, panicked by an oil price collapse, a simmering conflict on the Russia-Ukraine border and Western sanctions that effectively froze the country out of credit markets. The subsequent 50 percent plunge in the rouble’s exchange rate between May and December provided another catalyst for the exodus.