beyondbrics

Russian stocks fell on Monday, following China’s decision to raise interest rates. Data released earlier in the day showed Russia’s manufacturing industry is expanding at its fastest rate since March 2008. The Purchasing Managers’ Index, produced by HSBC and Markit Economics, registered 53.5 in December, where scores above 50 represents expansion. Continue reading »

Chinese stocks fell nearly 2 per cent on Monday, after Saturday’s interest rate rise raised concerns of further tightening. The Shanghai Composite had gained earlier in the day, with analysts suggesting that lower liquidity had already been priced into the stocks, and that efforts to tackle inflation were welcome. Other Asian stock indices were broadly positive. Continue reading »

Turkish stocks gained on Thursday, on a quiet day of trading in central and eastern Europe. In Budapest, OTP Bank fell 1.7 per cent, and the forint hit a one-week low against the euro, after Hungary’s credit rating was cut by Fitch. “The reversal of pension reforms and lack of a coherent medium-term fiscal strategy undermines confidence in the long-term sustainability of the public finances,” the rating agency said, which now rates Hungary the lowest investment grade. Continue reading »

Asian stocks fell on Thursday, after China said it would seek to cool the property market with measures including the increased scrutiny of foreign companies’ purchases. Taiwanese and Philippine markets did rise, ahead of strong economic data, while South Korea’s SK Energy returned to a three-year high, after announcing it had sold Brazilian oil assets for $2.4bn.

Standard&Poor’s cut Vietnam’s long-term foreign-currency rating to three notches below investment grade; Moody’s made a similar downgrade last week. Continue reading »

CEE markets largely rose on Wednesday, with Russia’s Micex extending its two year-high. Policy decisions yielded few surprises, with both Poland and the Czech Republic holding interest rates at record lows, while Romania’s parliament approved a budget intended to satisfy the conditions of an IMF loan. The Russian rouble rose to a 12-week high against its euro-dollar basket, helped by impending tax payments. Continue reading »

Asian stocks slipped on Wednesday, after rallying in the previous session. In Mumbai, steelmaker Ispat gained almost 12 per cent, after JSW Steel bought a near-majority stake in the company for $476m, precipating an open offer for up to 20 per cent of the remaining shares. The deal, the biggest by an Indian steelmaker in over three years, will make JSW the country’s biggest player in the industry. With the holiday season approaching, trading volumes were around half their 90-day averages in most markets. Continue reading »

Hungary said it will frontload its bond issues to the first half of 2011. The Czech government survived a no-confidence vote. Continue reading »

Turkish stocks fell again on Friday, after the central bank announced a widely-expected increase in bank reserve requirements. However, with German business confidence reaching its highest level since reunification, and Poland’s industrial output accelerating, Russian and Polish stocks rose.

In Moscow, fertiliser company Uralkali underperformed, after billionaire Suleiman Kerimov outlined a plan to merge the company with domestic counterpart Silvinit, in a move that would create the world’s second-biggest potash producer. Continue reading »

Asian stocks saw only small changes on Friday, with South Korea’s Kospi returning to a three-year high, while Taiwan’s Taiex extended its two-year peak. India’s markets were closed.

In the Philippines, Cebu Air – the country’s biggest budget airline – fell 25 per cent in early trading, after a trader accidentally sold at 82 pesos. It closed back up at 106 pesos, down 3.7 per cent for the day. The stock remains 20 per cent below its debut closing price in late October, leading the airline’s president to call it “severely undervalued”. Continue reading »

Turkish stocks fell on Thursday, ahead of an expected decision by the central bank to cut interest rates. Other indices also fell, but Russian potash miner Uralkali rose over 4 per cent, putting it up 27 per cent so far this month, on reports that it is close to sealing a deal for its largest domestic counterpart Silvinit. Bloomberg reported that the purchase has got government approval.

In Hungary, mortgage lender FHB hit a fifteen-month low, after the European Commission said it will investigate whether state support for the company’s 2009 restructuring breached EU rules. Continue reading »