Emerging Stocks Head for Six-Month High on Greece, China Easing |
| BusinessWeek - Feb 20, 2012 |
Emerging-market stocks rose, with the benchmark index poised for the highest closing level in six months, as European finance ministers meet to discuss a Greek bailout and after China cut banks’ reserve requirements.
The MSCI Emerging Markets Index increased 0.4 percent to 1,066.24 at 9:43 a.m. in New York, which would be the strongest close since Aug. 4. The Shanghai Composite Index added 0.3 percent. The Micex Index rose 0.7 percent in Russia as oil jumped after Iran said it halted some crude exports. Mexico’s benchmark added 0.6 percent and Chile’s fell 0.2 percent.
Financial stocks led gains among MSCI’s developing-nation index after the People’s Bank of China said it will reduce the amount of cash lenders must set aside by half a percentage point beginning Feb. 24. European leaders are meeting in Brussels today to discuss a 130 billion-euro ($170 billion) Greek rescue package.
“What this reserve requirement cut shows is the commitment of the Chinese authorities toward monetary easing, and that should secure a soft landing for the Chinese economy,” John Lomax, an emerging-markets strategist at HSBC Holdings Plc, said by phone from London. The European meeting raises the “possibility of some kind of Greek deal,” he said.
Read Full Article from BusinessWeek
- Posted: 2012-02-20 11:44:23
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
