Angola suspended plans to seek a credit rating from agencies before an international bond sale and will instead sell as much as $2 billion of government bonds locally, a Finance Ministry official said.
Turkish stocks tumbled, heading for the biggest monthly loss since October 2008, after JPMorgan Chase & Co. cut them to “underweight” from “overweight,” citing concern on the current account deficit and banks’ profits.
Emerging-market stocks slid the most in a week, led by energy companies, as China Petroleum & Chemical Corp. sank on a share-sale plan. The rand strengthened after South Africa’s unemployment unexpectedly fell.
Turkey’s central bank provided banks more liquidity and cheaper funding, a day after scrapping any low-cost lending, as Governor Erdem Basci tweaks policy on a day-by-day basis to curb inflation and support the lira.
JPMorgan Chase & Co. and Morgan Stanley are abandoning their bullish recommendations on Russian stocks, concerned that falling oil and investors shunning riskier assets will overshadow the lowest valuations since 2009.
Just a month ago, Turkish bond yields signaled that the economy was heading for a recession. Now, the nation is growing enough to keep the two-year expansion alive after the central bank slashed interest rates, credit market measures show.