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Agamoni Ghosh

EMERGING MARKETS-India tax break, China rate cut lift stocks; FX rises

Sep 20 2019

Sept 20 A surge in Indian shares led emerging markets higher on Friday, after the government announced deep cuts in corporate taxes to revive flagging growth, while a widely expected domestic interest rate cut from China added to the chipper mood.

EMERGING MARKETS-Cautious Fed casts a pall on EM assets, key China rate call awaited

Sep 19 2019

* South African Reserve Bank seen keeping repo rate unchanged

EMERGING MARKETS-Stocks gain before Fed decision; FX up as oil market steadies

Sep 18 2019

Sept 18 Emerging-market stocks gained on Wednesday as investors looked for a U.S. Federal Reserve interest-rate decision, while a drop in oil prices lifted major oil importers.

EMERGING MARKETS-Latam currencies slump, stocks teeter ahead of central bank meetings

Sep 17 2019

By Agamoni Ghosh Sept 17 Latin American currencies slumped on Tuesday as investors shied away from riskier assets ahead of key central bank meetings, while concerns over geopolitical tensions stemming from attacks on Saudi oil facilities lingered. Oil prices dropped sharply after a Saudi Arabian source told Reuters that production could be fully back on line within weeks, quicker than initially thought, but sentiment was still fragile over the threat of retaliation for the attacks. MSCI's index of Latin American currencies fell 0.8% with Chile's peso raking up the biggest losses. Investors were also on the fence ahead of the U.S. Federal Reserve's two-day policy meeting beginning on Tuesday. The Fed is expected to cut interest rates for the second time this year. Focus was also on Brazil's central bank meeting this week when officials are widely expected to cut record-low rates by 50 basis points in order to shore up Latin America's largest economy. The real fell 0.5%. "Low inflation, subdued activity and continued fiscal consolidation progress bode well for a 50bp policy rate cut this week," said Gustavo Rangel, chief economist, Latam at ING in a note. "An additional 50bp cut that brings the SELIC rate (overnight rate) to 5% in October is also likely, but we expect a mid-cycle pause after that." Colombia's peso shed 0.5%, while Mexico's peso traded flat after the government said it will uphold its pledge to keep fuel prices stable despite attacks on Saudi oil sites. Stock indices in the region tread water with Mexico's IPC index the only notable gainer, up 0.3% as investors returned from a long weekend. Latin American stock indexes and currencies at 14:26 GMT Stock indexes daily % change Latest MSCI Emerging Markets 1017.03 -0.98 MSCI LatAm 2693.89 -0.57 Brazil Bovespa 103624.64 -0.05 Mexico IPC 42970.57 0.3 Chile IPSA 5039.46 -0.6 Argentina MerVal - - Colombia IGBC 13013.63 -0.03 Currencies daily % change Latest Brazil real 4.0960 -0.18 Mexico peso 19.4484 -0.04 Chile peso 715.46 -0.86 Colombia peso 3378.05 -0.48 Peru sol 3.3438 -0.32 Argentina peso 56.4250 -0.26 (interbank) (Reporting by Agamoni Ghosh in Bengaluru)

EMERGING MARKETS-Equities hit by China rate dampener and Mideast tensions; FX index turns negative

Sep 17 2019

* Russian rouble weakens after robust gains in previous session

EMERGING MARKETS-Latam FX subdued, Colombia stocks gain after Saudi attacks

Sep 16 2019

(Updates prices) By Agamoni Ghosh Sept 16 A surge in crude prices in the wake of attacks on Saudi Arabia's oil facilities drew muted reaction from Latin American currencies on Monday, while gains in oil producers supported Colombia's stock markets. Oil prices surged nearly 20% at one point on Monday after the attack in Saudi Arabia, the world's biggest oil exporter, halved the kingdom's production. But prices came off their peaks after President Donald Trump authorized the use of the U.S. emergency stockpile to ensure stable supply, helping the dollar climb against a basket of major currencies. Trump also said the United States was "locked and loaded" for a potential response to the strikes, and that Iran appeared responsible, however, raising tensions. While currencies of some oil-exporters benefit from the steep rise in oil prices, concerns that an oil supply shock and geopolitical tensions would damage an already fragile global economy sapped investor demand for riskier assets. "The jump in oil prices in this case is not stemming from economic growth factors for exporters but from geopolitical tensions which has a certain risk sentiment attached to it," said Cristian Maggio, head of emerging markets strategy at TD Securities. The Brazilian real and the Mexican peso edged lower, while Chile's peso fell 0.2% after weak Chinese data fueled worries about demand for copper. Colombia's peso shed early gains to trade flat as the dollar firmed. Stock indices in the region were mixed with Brazil's Bovespa down 0.35%. Shares in state-controlled oil firm Petrobras jumped more than 3% as oil prices rallied, while airlines, including Azul SA and Gol Linhas Aereas Inteligentes, slumped more than 7% on concerns of rising fuel costs. Colombia's main stock index jumped more than 1%, helped by shares of oil firm Ecopetrol SA. Oil is a main export for Latin America's fourth-largest economy. Stock markets in Mexico were shut for a local holiday. Latin American stock indexes and currencies at 1957 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1025.81 -0.08 MSCI LatAm 2694.18 -0.56 Brazil Bovespa 103187.63 -0.3 Mexico IPC - - Chile IPSA 5069.68 1.3 Argentina MerVal 30447.41 1.032 Colombia IGBC 13006.57 1.36 Currencies Latest Daily % change Brazil real 4.0891 -0.13 Mexico peso 19.4399 -0.14 Chile peso 709.3 -0.20 Colombia peso 3362.48 -0.03 Peru sol 3.333 -0.36 Argentina peso (interbank) 56.2600 -0.20 (Reporting by Agamoni Ghosh and Sruthi Shankar in Bengaluru Editing by Sonya Hepinstall)

EMERGING MARKETS-Oil surge draws tepid response from Latam oil-exporter currencies

Sep 16 2019

* Colombia's peso outperforms its regional peers * Stocks in Brazil fall in early trading hours By Agamoni Ghosh Sept 16 Currencies of major Latin American crude exporters barring the Colombian peso drew tepid response from a rally in oil prices on Monday, following an attack on Saudi Arabian refining facilities that cut more than 5% of the global oil supply. Oil prices surged nearly 20% at one point on Monday, after the attack in Saudi Arabia, the world's biggest oil exporter, halved the kingdom's production. But prices came off their peaks after President Donald Trump authorized the use of the U.S. emergency stockpile to ensure stable supply but inflamed geopolitical tensions after he said the United States was "locked and loaded" for a potential response to the strikes. While currencies of some oil-exporters benefit from the steep rise in oil prices, concerns that an oil supply shock and growing geopolitical tensions would damage an already fragile global economy sapped investor demand for riskier assets. "The jump in oil prices in this case is not stemming from economic growth factors for exporters but from geopolitical tensions which has a certain risk sentiment attached to it," said Cristian Maggio, head of emerging markets strategy at TD Securities. The only notable gainer in the region from the surge in oil prices was the Colombian peso which moved 0.4% higher. The Brazilian real and the Mexican peso, were both lower. Chile's peso fell 0.3% after weak Chinese data fueled worries about demand for copper. Stock indices in the region were lower in the early hours of trading with Brazil's Bovespa down 0.1% Stock markets in Mexico were shut for a local holiday. Latin American stock indexes and currencies at 13:09 GMT Stock indexes daily % change Latest MSCI Emerging Markets 1025.84 -0.08 MSCI LatAm 2684.25 -0.93 Brazil Bovespa 103203.57 -0.29 Mexico IPC - - Chile IPSA 4994.66 -0.2 Argentina MerVal - - Colombia IGBC - - Currencies daily % change Latest Brazil real 4.1001 -0.31 Mexico peso 19.4196 -0.11 Chile peso 710.7 -0.40 Colombia peso 3346.94 0.43 Peru sol - - Argentina peso - - (interbank) (Reporting by Agamoni Ghosh in Bengaluru Editing by Alistair Bell)

EMERGING MARKETS-Saudi attack dents currencies of crude importers, stocks dip

Sep 16 2019

Sept 16 Emerging market currencies took a backseat on Monday with those of major crude importers sliding as oil prices surged after an attack on Saudi Arabian facilities cut more than 5% of the global oil supply.

ECB stimulus draws tepid response from European stocks; banks end flat

Sep 12 2019

European stocks edged higher in choppy trading on Thursday, with banks underwhelmed by the European Central Bank's stimulus measures while Washington's move to delay tariffs on Chinese goods boosted automakers and technology firms.

EMERGING MARKETS-U.S.-China trade concessions lift EM assets; Eyes on Turkish rate decision

Sep 12 2019

* Turkish central bank expected to announce a bumper rate cut

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