Hungary News
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Emerging-market stocks capped their first weekly decline in a month as the longest slide in gold since 2009 dragged down producers. Russian shares surged.
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The European oil price-fixing probe expanded as Neste Oil Oyj, Finland’s only refiner, said it was asked to provide information regarding potential manipulation of global crude and biofuel markets.
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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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Russia will probably select the organizers for a sale of as much as $7 billion of bonds to international investors next week in its first offering for more than a year.
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Hungary’s central bank will use all methods at its disposal to help sustain economic growth after an “encouraging” start of the year, Magyar Nemzeti Bank President Gyorgy Matolcsy and his deputy Adam Balog said today.
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Audi AG, the world’s second-largest maker of luxury cars, said high-performance cars like the RS5, as well as the new version of the A3 compact, will help propel sales this year amid intensifying economic headwinds.
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Stocks rose, sending the Standard & Poor’s 500 Index to another record, as weakness in manufacturing and a drop in wholesale inflation fueled bets the Federal Reserve will be in no rush to scale back stimulus. The euro slid as the region’s recession deepened.
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Hungary’s economy posted quarterly growth in the first three months of the year for the first time since 2011, supporting Prime Minister Viktor Orban’s quest to avoid European Union funding cuts.
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The forint strengthened the most in a week after Hungary’s economy recorded its first quarterly growth in more than a year, beating estimates.
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Hungary’s economy probably exited its second recession in four years in the first three months of 2013, posting growth from the previous quarter for the first time since 2011, a survey of economists showed.
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