Reuters: US Dollar Report: EMERGING MARKETS-Stocks edge up, shekel hits 4-week low

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EMERGING MARKETS-Stocks edge up, shekel hits 4-week low May 14th 2013, 09:44 LONDON | Tue May 14, 2013 5:44am EDT LONDON May 14 (Reuters) - Emerging shares broke a three-session slide on Tuesday as stronger data from the United States boosted risk sentiment, though Chinese stocks had their biggest loss in three weeks and the shekel weakened on an unexpected rate cut. U.S. retail sales data improved in April, leading some analysts to revise upwards their annual GDP forecasts, boosting appetite for risky emerging assets. MCSI's emerging shares benchmark was 0.2 percent higher, with gainers including Turkey, which was edging towards record highs. By contrast, Chinese shares had their biggest falls in three weeks, weighed down by reported curb on the property sector. "The two things we are seeing now are quite a spike in Japanese bond yields and strong U.S. numbers ... monetary policy from the Federal Reserve and the Bank of Japan is working quite effectively," said Lars Christensen, head of emerging market research at Dankse Bank. "The global backdrop is clearly positive so that is positive for emerging markets." Christensen added diminishing output in China was weighing on emerging shares, while Polish flash GDP numbers meant Poland's economy could be pushed into recession. The zloty eased 0.2 percent after data showed Polish quarterly GDP was weaker than expected at 0.4 percent. The shekel fell more than half a percent to four-week lows after Israel's central bank surprisingly cut rates by 25 basis points, prior to its meeting scheduled for 27 May, in an attempt to stem the cuurency's rise. The Serbian dinar was steady, with the Serbian national bank expected to cut rates on Tuesday to mark the beginning of an easing cycle to support a flagging economy. Link this Share this Digg this Email Reprints

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