November 23, 2012 / 11:51 AM / 5 years ago

EMERGING MARKETS-Stocks eye best weekly rise since Sept, China lifts

LONDON, Nov 23 (Reuters) - Emerging stocks headed for their best week in two months on Friday, supported by a rise in Chinese shares and better-than-expected data from Europe’s largest economy.

The mainland Chinese market rose 0.6 percent to close near highs for the week, buoyed by pro-reform remarks made by top officials.

Benchmark emerging equities rose nearly 0.6 percent, and nearly 2.2 percent on the week, on course for the strongest weekly performance since mid-September.

The Czech crown gained after German business sentiment rose for the first time in seven months in November. The Czech economy is closely linked to Germany‘s.

The forint, however, retreated from Thursday’s one-month high against the euro as EU budget talks pointed to a cut in influential funding for the region.

Argentina’s five-year credit default swaps closed at 2,462 basis points on Thursday, according to Markit, around their highest since April 2009, after Argentina said it would appeal a U.S federal court ruling ordering it to pay $1.33 billion to holdout bond investors.

“The risk of some sort of default event, technical or otherwise, has increased significantly,” said Stuart Culverhouse, chief economist at Exotix.

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