Christian Keller News
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Turkey’s bonds rallied, sending yields to all-time lows, after Moody’s Investors Service raised the country to investment grade for the first time in two decades, fueling expectation of capital inflows. The lira weakened on speculation the central bank will cut rates.
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Turkey’s reduction in bank borrowing costs won’t deter Japanese demand for lira that has produced carry returns of almost 16 percent this year, according to Barclays Plc.
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Eastern Europe is at risk of its economies running out of credit as western lenders may have to focus on recapitalizing themselves, making it difficult to fund their units in the region.
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Estonia, the least-indebted European Union member, may be the standard against which other euro candidates are measured as the monetary union moves ahead with enlargement after committing almost $1 trillion to defend its currency from Greek-induced hemorrhaging.
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Most emerging-market stocks rose, led by consumer companies, as Japan said it will act to stimulate its economy, while sliding oil prices drove a decline in Brazilian and Russian shares.
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Emerging-market stocks fell for the first time in three days as global policy makers clashed on ways to boost economic growth and Chinese companies from ZTE Corp. to Yunnan Copper Industry Co. predicted losses.
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The Turkish lira, which trailed emerging market currencies from the Brazilian real to the Russian ruble last year, is attracting bullish recommendations after first-quarter economic growth approached that of China.
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Eastern Europe’s economic recovery may be scuttled by any Greek debt restructuring, which would curb lending by western banks and undermine investor bets that have propelled the region’s stocks, bonds and currencies.
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Hungary’s government may have to reverse its position on ruling out International Monetary Fund conditions in exchange for financial aid, according to Barclays Plc, Goldman Sachs Group Inc. and Capital Economics Ltd.
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Turkish economic growth accelerated in the first quarter, recouping most of the output lost in last year’s slump as domestic demand drove the fastest annual expansion in almost six years.
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