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China and Hong Kong fill up on policy relief
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US dollar weakens after overnight gains of 0.5%
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South African Rand Surpasses Unemployment Figures
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Pakistan, IMF begin talks on reviewing $7bn loan
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Emerging market stocks up 2.2%, currencies up 0.3%
Nov 29 (Reuters) – Emerging market stocks were on course for their best daily performance in nearly two weeks on Tuesday, with Chinese stocks rebounding after regulators widened equity funding channels for developers, soothing fears of a debt crisis in the world’s second largest economy. .
The MSCI Emerging Markets Equity Index rose 2.2%, ending its two-day losing streak.
China’s bluechip index jumped 3.1% as investors bought real estate and banking stocks after a regulatory commission said it would allow Chinese developers listed in China and Hong Kong to sell properties additional actions, lifting a six-year ban.
Emerging market currencies gained 0.3% as the US dollar weakened against a basket of currencies after strong overnight gains on growing concerns over the COVID situation in China and rare protests against the measures. Beijing lockdown.
“It’s a moving risk,” said Per Hammarlund, chief emerging markets strategist at SEB.
“Given that the dollar has acted as a safe haven asset of late, when investors feel more confident that we will see growth in China and emerging market currencies, the dollar weakens and against just about every other currencies.
The South African rand rose 1.2% against a weaker greenback, with the focus on domestic unemployment figures due out later today.
The Turkish lira was muted against the dollar.
Turkey’s foreign trade deficit jumped 421.7% year-on-year to $7.87 billion in October, with imports up 31.4%, according to data from the Turkish Statistical Institute.
Most Central and Eastern European currencies fell slightly in early trading against the euro, while the Polish zloty gained 0.2%.
The Russian ruble hit its lowest point in nearly three weeks post 61 against the dollar as the peak of a favorable tax payment period passed.
Elsewhere, Pakistan and the International Monetary Fund have started online talks on a ninth review of a $7 billion loan program, the finance ministry said on Monday, after media reported the lender had asked the country to reduce its expenditure. For 2022 Emerging Markets FX performance chart see http://tmsnrt.rs/2egbfVh For 2022 MSCI Emerging Market Index performance chart see https://tmsnrt.rs/2egbfVh
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