Daily Archives: January 10, 2011

Americas markets wrap: Bovespa gains on B2W rally

January 10, 2011 9:48 pm by Shannon Bond
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Brazil's BovespaLatin American markets followed global indices lower on Monday as worries over eurozone debt heated up once more and investors sold off riskier assets. Metals prices fell, while oil moved higher on the trans-Alaska pipeline closure, and currencies softened against the dollar.

But Brazil’s Bovespa reversed earlier losses to close up 0.1 per cent on a rally by online retailer B2W, which gained 7 per cent on news that discount retailer Lojas Americanas, its controlling shareholder, would buy its remaining stake. Continue reading »

Posted in Global, LatAm |

CEE markets wrap: Eurozone debt worries

January 10, 2011 6:18 pm by Maria Sovago
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Concern surrounding the eurozone’s ongoing sovereign debt crisis was the main trigger for heavy selling in central and eastern Europe on Monday.

Prague’s main exchange led falls across the region, with a 2.3 percent drop. Continue reading »

Posted in Global |

Romania: a rough ride to market

January 10, 2011 5:50 pm by Stefan Wagstyl
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A rough ride - a man rides a horse in a traditional festival to mark the Christian Epiphany
The long ride from Communism to capitalism in central and eastern Europe includes many a hurdle.

In Romania the government has got itself into a twist in trying to encourage privatisation and stock market development whilst also trying to squeeze cash out of state-controlled companies to plug budget deficit holes. Its contradictory approach has put Franklin Templeton Investments, the US-based investment manager, in an awkward spot. Continue reading »

Tags: Posted in Romania |

Argentina: what inflation?

January 10, 2011 5:09 pm by beyondbrics
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By Daniel Schweimler in Buenos Aires

Argentina is suffering a shortage of banknotes, with long queues outside cash machines across much of the country, especially at the Atlantic beach resorts where many go during the summer months.

The government says the shortage is a temporary one and will soon be resolved with the delivery of 10billion pesos from the mint in neighbouring Brazil. But it is ignoring the elephant in the room: stubborn inflation. Continue reading »

Tags: Posted in Argentina |

Brazil: a new securities exchange?

January 10, 2011 4:25 pm by Jonathan Wheatley
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Moves are afoot to set up a new Brazilian trading platform to rival the BM&FBovespa, the exchange that dominates trading in equities and futures in the country and has grown quickly to become the world’s fourth-largest exchange by market capitalisation.

As Jeremy Grant writes on FT Trading Room today, this would follow a recent spate of start-up exchanges around the world, which have been established to challenge incumbents that have become complacent, sluggish and overpriced. Continue reading »

Tags: Posted in Brazil |

Bollywood to Hollywood: outsource production

January 10, 2011 3:15 pm by Anjli Raval
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Mumbai, the home of Bollywood, will from this week have its very own film studios to rival those in Culver City, where Hollywood stardust gets made. The Anil Ambani-owned Reliance MediaWorks (RMW) is hoping that the company’s new studios business will attract filmmakers from the US and Europe to the country’s movie capital.

Film City, the heart of what is formally known as Hindi cinema, will now host India’s most modern studios, and promises to meet international standards, down to the very smallest safety detail. Continue reading »

Tags: , Posted in India |

11 for 2011: Will Indonesia reach investment grade?

January 10, 2011 2:24 pm by beyondbrics
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By Wellian Wiranto of HSBC

Indonesian stocks suffered a dramatic 4 per cent tumble on Monday amid rising concern over inflation, but that should not distract attention from the underlying strength of southeast Asia’s largest economy.

Since the world financial crisis, Indonesia has become a mainstream destination for more and more investors – and its improved profile is reflected in discussions over the country’s possible return to investment grade. It used to be a matter of ‘if’ the credit rating agencies would put the country back in the top league. Now it’s a question of ‘when’. Continue reading »

Tags: Posted in Indonesia |

Vietnam: Marx to market

January 10, 2011 2:20 pm by Ben Bland
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As Vietnamese politicians are gathering this week for the Communist party’s key five-yearly congress, they are pondering how to square the Marxist-Leninist rhetoric with market reality.

Like the handful of other remaining red nations, Vietnam has developed its own particular brand of Communism, which it calls the “socialist-oriented market economy”. Continue reading »

Tags: Posted in Vietnam |

Guest post: bubble trouble in Bangladesh

January 10, 2011 12:36 pm by beyondbrics
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By Ifty Islam of AT Capital

Regulators closed the Bangladesh stock market after only one hour of trading on Monday due to a second day of record share price declines, with the DGEN index falling more than 9 per cent.

This in turn led to angry demonstrations from retail investors in the streets of Dhaka demanding that the authorities address the market’s problems. But it is the unrealistic expectation that markets can be held above levels that are justified by fundamentals that is placing the Bangladesh authorities in an almost untenable situation. Continue reading »

Tags: , Posted in Bangladesh |

Asia markets wrap: stocks plummet on inflation fears

January 10, 2011 12:00 pm by Ranjit Lall
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India and Indonesia led sharp falls for Asian stocks on Monday, as markets were gripped by fears of further interest rate rises to rein in soaring inflation.

“The market is vulnerable to a correction in the short term after such a strong run in the past few months,” said Nader Naeimi of Sydney-based AMP Capital Investors. “While we’re seeing moderate improvement in the US jobs market, monetary tightening in China and Europe’s debt problems will remain ongoing concerns.” Continue reading »

Posted in Global |

New York headlines

January 10, 2011 11:59 am by beyondbrics
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* Indonesia markets lose 4% on inflation fears

* China trade growth slows as imports rise

* Trade war looming, warns Brazil

* India to revisit cotton export ban to keep onions flowing Continue reading »

Posted in Global |

Laos: contemplating capitalism

January 10, 2011 11:18 am by Tim Johnston
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Communist Laos will dip its toes into capitalist shores, when it launches the world’s newest bourse in Vientiane on Tuesday.

The exchange starts with just two state-owned stocks on the board: EDL Generation, which is controlled by the state-owned power company Electricite du Laos, and Banque Pour Le Commerce Exterieur Lao (BCEL), a state-owned bank. Continue reading »

Posted in Laos |

Indonesia: sinking in the flood

January 10, 2011 10:10 am by Josh Noble
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The sounds of a bubble bursting? The Jakarta stock market closed down over 4 per cent on Monday, taking its 3-day losing streak to 8 per cent. Inflation looks to be the trigger, and the focus is now firmly on Bank Indonesia to act.

But what can Indonesia do to balance rising costs with the fears of higher capital inflows? The rupiah looks like the obvious target. Continue reading »

Posted in Indonesia |

Further reading: don’t fear us, says China

January 10, 2011 10:03 am by beyondbrics
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From the FT:

From elsewhere:

Posted in Uncategorized |

China’s trade: timely numbers

January 10, 2011 9:36 am by Stefan Wagstyl
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With president Hu Jintao off to the US next week and vice-premier Li Keqiang touring Europe right now, the latest set of trade numbers from China might have been designed to reduce the political tensions around the country’s economy.

With perfect timing, Beijing on Monday announced a trade surplus for December of just $13.1bn, well below economists’ predictions and November’s $22.9bn. And, as Chinese officials proudly pointed out, the annual surplus of $183.1bn was down 6.4 per cent, the second yearly drop in a row. It won’t stop the US and European states campaigning for renminbi appreciation – but it gives Chinese leaders a little ammunition. Continue reading »

Posted in China |
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