Emerging Stocks Advance on China; Turkish Yields Fall to Record |
| Bloomberg - Dec 13, 2010 |
Emerging-market stocks rose, with the Chinese benchmark index surging the most in eight weeks, after the nation’s central bank refrained from raising interest rates and reports signaled economic growth is accelerating.
The MSCI Emerging Markets Index climbed 0.6 percent to 1,120.89 as of 8:14 a.m. in New York, poised for the biggest gain in a week. The Shanghai Composite Index rose 2.9 percent, the most since Oct. 15. Turkish bond yields fell to a record after the central bank’s deputy governor said lower interest rates may be needed to cut the current account deficit.
China on Dec. 10 ordered banks to set aside larger reserves and didn’t announce an interest-rate increase, even as the inflation rate reached 5.1 percent in November while industrial- output growth beat economists’ estimates. The government is likely to set a target of at least 7 trillion yuan ($1.1 trillion) of new loans for 2011, said two people briefed on the matter. Economists at UBS AG and Bank of America Corp. had forecast a quota of 6.5 trillion yuan to 7 trillion yuan.
Read Full Article from Bloomberg
- Posted: 2010-12-13 08:25:51
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