Daily Archives: October 7, 2010

Americas markets wrap: Commodities prices drag stocks

October 7, 2010 10:33 pm by Shannon Bond
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Brazil's BovespaLatin American stocks slipped on Thursday as commodities prices fell. In Brazil, steelmakers’ shares dropped after Deutsche Bank said lower prices could hit their earnings and downgraded Gerdau and Usiminas. Mexican homebuilders and retailers gained, however, as US jobless claims fell to a three-month low. Continue reading »

Posted in Global, LatAm |

CEE markets wrap: equities mixed; currencies lower

October 7, 2010 6:30 pm by beyondbrics
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Turkish stocks were slightly down today, but sentiment was boosted by a Moody’s upgrade on the country’s foreign and local debt rating. This good news comes a day after the IMF said the economy will grow 7.8 per cent in 2010.

Currencies were mainly down against the euro, with analysts noting that central and eastern European countries appear to be plagued by the opposite problem to their Asian counterparts, namely that they should be concerned about weaker capital inflows. Continue reading »

Posted in Global |

Mario Vargas Llosa: a buy signal?

October 7, 2010 5:59 pm by Henry Mance
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Latin America has won another Nobel prize – and yet again it’s for literature. Peru’s Mario Vargas Llosa on Thursday became the continent’s sixth literature laureate; the award committee cited “his trenchant images of individual’s resistance, revolt and defeat”.

But what does it mean for the region’s investment prospects? Continue reading »

Posted in Peru |

[Bric Food File] Gulf states look to secure their future overseas

October 7, 2010 4:42 pm by beyondbrics
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By Andrew Whiffin and Andrew England

The import-dependent Gulf states were left facing a troubling question when a food crisis sent the prices of staples such as rice and wheat soaring two years ago: how could they secure food for their expanding populations if crises recurred?

At the time a spectacular construction boom was already driving up people’s rents and inflationary pressures in the oil-rich states; then some foreign food producers began imposing restrictions on their exports. Leaders were shaken into action. Continue reading »

Tags: Posted in Bahrain, Global, Kuwait, Middle East, Oman, Qatar, Saudi Arabia, United Arab Emirates, Yemen |

Deal of the day: Thai plastic-maker shores up its acid supply

October 7, 2010 2:45 pm by beyondbrics
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By Sarah Syed and Paul Francis-Grey of mergermarket

Vertical integration is a time-honoured approach to cost savings, promising companies better prices from – and more control over – their suppliers. For Thailand’s polymer king, Indorama Ventures, vertical integration has meant buying into a producer of the acid that it uses to make PET resin. Indorama is now paying $96m to increase its stake in the company, TPT, as it hopes to capitalise on the growing demand for plastic from Asia’s drinks industry. Continue reading »

Tags: , Posted in Thailand |

The real risks behind Wen’s warning

October 7, 2010 1:47 pm by Geoff Dyer
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Under pressure over China’s currency policy, Wen Jiabao tried to scare his European audience on Wednesday, warning that a sharp appreciation in the renminbi would “be a disaster for the world”. However, Wen’s speech would have been more alarming for the European executives and politicians present if he had made a different case. Continue reading »

Tags: Posted in China |

Catch them while you can: Indonesian IPOs

October 7, 2010 1:02 pm by Anthony Deutsch
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Demand for Indonesian equities is showing no signs of easing even though prices have rallied 42 per cent so far this year.  Two IPOs this week raised more than $1bn as investors clambered to snap up shares in one of Asia’s hottest markets.

In Jakarta’s largest stock listing in two years, leading noodle maker PT CBP Indofood, raised $705m Thursday, offering 20 per cent of its stock to the market. A day earlier coal miner Harum Energy raised more than $300m. Investors have poured nearly $2.3bn into the equity market since January. Continue reading »

Posted in Asia, Indonesia |

Vietnam considers end to gold import ban; global prices rise

October 7, 2010 12:18 pm by Ben Bland
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Buffeted by high inflation and fears about the stability of their currency, the Vietnamese are among the highest per capita consumers of gold in the world. But, faced with a large trade deficit and a regular shortage of dollars to buy imports, Vietnam’s central bank has long considered this to be a rather unhealthy appetite.

In 2008, the government tried to ban gold imports and earlier this year, it ordered all gold trading floors to be closed. These restrictions, however, only led to an increase in gold smuggling and a surge in the domestic price of gold, which is running at a premium of about $20 an ounce to global prices, according to Reuters. Now the authorities have changed tack again in an effort to reduce the premium. Continue reading »

Tags: , Posted in Vietnam |

Asia markets wrap: stocks fall, as Samsung profits disappoint

October 7, 2010 12:08 pm by Henry Mance
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Indian stocks fell the most in six weeks, and other indices also slipped, as investors showed caution after recent market gains. Samsung Electronics, the world’s biggest maker of memory sticks and LCDs, reported subdued profits, and Taiwanese exports rose less than expected, pushing technology stocks lower. However, the Philippines’ main index rose, after the central bank left interest rates unchanged. Continue reading »

Posted in Global, LatAm |

New York headlines

October 7, 2010 12:00 pm by beyondbrics
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* Wen warns against renminbi pressure

* Castel rules out SABMiller African beer deal

* Poland offers $1.5bn stake in PGE Utility to help cover budget gap

* India to launch six nulcear reactors in next 2-3 years

* Emerging Asia feels currency strain Continue reading »

Posted in Global |

[Bric Food File] India’s creaking distribution system worsens inflation

October 7, 2010 11:00 am by beyondbrics
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By Samiran Chakraborty of Standard Chartered

Food inflation in India has been in double digits for the past 15 months and even a normal monsoon, which has increased summer crop production by 10 per cent over last year, is not sufficient to douse it.

The demand-supply imbalance is being worsened by rising rural demand and the absence of growth in agricultural productivity. But there’s a structural factor at play too: India’s creaking food distribution and storage system. Continue reading »

Posted in India |

Further reading: China’s footprint, Mexico’s Congress and RMB shares

October 7, 2010 10:00 am by beyondbrics
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From the FT:

From elsewhere:

Posted in Global |

Why cricket affects India’s stock market

October 7, 2010 8:17 am by Amy Kazmin
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Indians are fanatical about cricket: a game against Australia or Pakistan brings the country to a halt, as millions abandon daily duties and tune in instead.

But India’s performance in one-day cricket internationals also turns out to have a strong spillover effect in an unexpected area – the stock market. Continue reading »

Tags: Posted in India |

Gulf telecoms: no more Big Four?

October 7, 2010 5:00 am by Robin Wigglesworth
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The Gulf’s telecoms market has rarely been dull, with $33bn of acquisitions in the past four years alone. But the reign of the Big Four has remained intact – until now.

Etisalat, the UAE’s dominant player, is offering $10.5bn for a controlling stake in Kuwaiti operator Zain. It’s the first time one of the Big Four has bid for another, and shows just how far – and how quickly – Zain has fallen from grace. Continue reading »

Tags: , Posted in United Arab Emirates |

London headlines

October 7, 2010 4:49 am by beyondbrics
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* China tells EU to stop pressing on currency

* Haitians in ‘emergency’ conditions in tent cities

* India to launch six nulcear reactors in next 2-3 years

* Emerging Asia feels currency strain

* Cairn to seek shareholders’ nod for Vedanta deal Continue reading »

Posted in Global |
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