Emerging market stocks rallied the most in a month and commodities gained following China’s bigger- than-forecast growth in exports and Egypt’s plan to hand power to a democratically elected government. The euro weakened and Spanish bonds fell, while U.S. equities fluctuated.
The MSCI Emerging Markets Index rose 1.3 percent at 12:24 p.m. in New York after the Shanghai Composite Index closed up 2.5 percent. The Standard & Poor’s 500 Index drifted between gains and losses. Wheat climbed to a record in China and copper topped $10,000 a metric ton in London. The euro weakened against 15 of 16 major peers and Spanish 10-year bond yields increased eight basis points to 5.46 percent as Europe’s finance ministers meet to review debt-reduction targets.
The advance in the Shanghai Composite was its biggest of the year after China’s exports jumped 38 percent in January. Egypt’s ruling army council said it aims to transfer power within six months after almost three weeks of unrest ended the 30-year rule of President Hosni Mubarak.
“Yesterday’s announcement is another step toward greater democracy and individual freedoms in Egypt,” said Mohamed El- Erian, the son of an Egyptian diplomat and chief executive officer at Newport Beach, California-based Pacific Investment Management Co. “By dissolving a discredited parliament and suspending a constitution that limits broad-based representation, the council is responding to the transitional demands of the Egyptian people.”
The MSCI Emerging Markets Index rose 1.3 percent at 12:24 p.m. in New York after the Shanghai Composite Index closed up 2.5 percent. The Standard & Poor’s 500 Index drifted between gains and losses. Wheat climbed to a record in China and copper topped $10,000 a metric ton in London. The euro weakened against 15 of 16 major peers and Spanish 10-year bond yields increased eight basis points to 5.46 percent as Europe’s finance ministers meet to review debt-reduction targets.
The advance in the Shanghai Composite was its biggest of the year after China’s exports jumped 38 percent in January. Egypt’s ruling army council said it aims to transfer power within six months after almost three weeks of unrest ended the 30-year rule of President Hosni Mubarak.
“Yesterday’s announcement is another step toward greater democracy and individual freedoms in Egypt,” said Mohamed El- Erian, the son of an Egyptian diplomat and chief executive officer at Newport Beach, California-based Pacific Investment Management Co. “By dissolving a discredited parliament and suspending a constitution that limits broad-based representation, the council is responding to the transitional demands of the Egyptian people.”
No comments:
Post a Comment