Murat Toprak News
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The lira gained for a third day, set for its highest level this month, and bonds rose as calm returned to Istanbul’s Taksim Square after two weeks of clashes between anti-government demonstrators and riot police.
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The worst month in a year for emerging-market currencies will prove to be more than a momentary bout of weakness to strategists at firms from UBS AG to Societe Generale SA who see the Federal Reserve weaning investors off its extraordinary stimulus.
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The zloty’s advance following the Polish government’s sales of euros may be limited due to the widening current account and budget deficits, HSBC Holdings Plc said today.
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HSBC Holdings Plc is squaring off against Nomura Holdings Inc. in predicting the future course for South Africa’s rand, the world’s worst-performing major currency in the past year.
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The koruna slid from a one-month high against the euro as HSBC Holdings Plc. said gains were “not justified” and recommended selling the Czech currency.
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South African bonds face the risk of a sell-off by foreign investors as the rand’s plunge dims the allure of the nation’s debt, according to Societe Generale SA.
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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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The cost of insuring Turkish debt against currency losses is rising as global banks including Goldman Sachs Group Inc., HSBC Holdings Plc and Credit Agricole SA predict policy makers will act to reverse lira gains.
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The lira headed for the highest in more than three weeks after the Bank of Japan unexpectedly expanded its asset-purchase program and the Turkish central bank cut overnight lending rates by less than forecast.
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Banks active in Hungary soared after the government agreed to share the costs for easing foreign currency borrowers’ debt burden by as much as 900 billion forint ($3.9 billion) in the next five years.
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