James Lord News
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The ruble slid for a second day after oil dropped and Morgan Stanley recommended selling Russia’s currency as the effect global stimulus ebbs.
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The smallest difference in three months between yields on Israel’s inflation-linked and fixed- rate bonds is signaling the central bank may keep interest rates on hold without causing consumer price growth to pick up.
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The ruble weakened against the dollar as oil declined and Morgan Stanley cut the Russian currency to neutral from overweight. Russian Eurobonds fell to the lowest in more than five months.
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The Egyptian pound may return to stability with the help of international aid to the country, Morgan Stanley & Co. said.
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Romania’s leu may fall to the lowest level in more than three months as the government faces a no- confidence vote from political parties opposed to International Monetary Fund-backed austerity measures.
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Turkish stocks slumped most in more than a year and bonds weakened on concern central bank intervention is failing to halt this year’s worst major-currency depreciation.
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Eastern European currencies may extend the biggest gains in emerging markets as the Czech, Hungarian and Polish governments pledge to shrink deficits and rebounding economies attract foreign funds.
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The forint tumbled to the weakest level in 14 months and the cost to insure Hungary’s debt against default soared as the International Monetary Fund and European Union ended talks without endorsing Prime Minister Viktor Orban’s plans to control the budget deficit.
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The lira will keep underperforming other emerging-market currencies and investors should buy dollars if Turkey’s currency appreciates, while avoiding “chasing” lira weakness as central bank may step in to support the currency, Morgan Stanley said.
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Polish bond yields rose to a three- week high after the central bank unexpectedly raised borrowing costs by a quarter point to 4.75 percent to curb inflation.
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