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EMERGING MARKETS-China gives stocks boost, lira at 7-wk high
April 9, 2013 / 9:56 AM / 5 years ago

EMERGING MARKETS-China gives stocks boost, lira at 7-wk high

LONDON, April 9 (Reuters) - Emerging stocks rallied further from the year’s lows on Tuesday, boosted by China after benign inflation data.

The Turkish lira hit a seven-week high.

Chinese shares rose 0.6 percent after annual consumer inflation eased to 2.1 percent in March, from 3.2 percent in Feb, lessening concerns China would introduce tighter monetary conditions.

“Officials have recently changed to a small tightening bias on property but with the lower inflation release for March, the risk of a monetary policy tightening has eased,” SEB analysts said in a client note.

The MSCI emerging equities index rose 0.5 percent, gaining 1.5 percent from 2013 lows set last week. Russian stocks climbed 1.5 percent, as oil prices rallied.

Czech stocks hit their lowest since Aug 2012, led lower by a second day of losses for Telefonica Czech Republic .

The Turkish lira hit a seven-week high, helped by stronger bond prices on increasing expectations of rate cuts.

Many emerging markets were also getting a lift from Japan’s easy monetary policy, expected to lead to inflows into higher-yielding markets. The Thai baht hitting a 16-year high.

But worries about escalating tension between North and South Korea helped take the won to eight-month lows and Korean stocks to four-month lows.

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