Emerging-market stocks fell from a two-week high, led by technology companies, after the European Central Bank left rates unchanged as it assesses Italy’s threat to the economic recovery. Brazilian equities advanced.
Societe Generale SA ordered employees to cease commentary on Turkey pending a review of new legislation that threatens up to five years imprisonment for certain types of commentary on financial markets.
Pakistan is handing equity investors the world’s best risk-adjusted returns as terrorist attacks, power blackouts and a war with Taliban insurgents fail to curb gains in consumer spending that sent profits to a record high.
Egypt’s borrowing costs are rising to the highest in more than two years and stocks listed overseas are tumbling as the Cairo exchange’s five-week shutdown and new rules on shareholder disclosure keep investors away.
Emerging-market companies are increasing bond sales this year at the fastest pace in more than a decade while U.S. and European corporate borrowing slumps as investors shift to debt from the fastest-growing economies.
Money managers from Mark Mobius to John Burbank are bullish on Saudi Arabia, where stocks are producing the world’s best risk-adjusted gains in 2012 with lower volatility than longer-term U.S. Treasuries.