* Emerging shares jump on patches of global economic
strength
* Kazakh tenge recover from Tuesday’s 10-week low
* Hungarian forint down post-rate hike; North Korean debt
eyed
By Sebastian Tong
LONDON, Dec 21 (Reuters) – Emerging stocks jumped as
much as 2 percent on Wednesday, buoyed by glimmers of hope for
the global economy while Russia’s rouble rallied after Prime
Minister Vladimir Putin pledged to keep the currency stable.
Kazakhstan’s tenge recovered after sinking to a 10-week low
within its trading band versus the dollar while Hungary’s forint
weakened past the 300 level against the euro a day after the
central bank delivered a rate hike.
A rise in U.S. housing starts and building permits suggested
recovery was gaining ground in the world’s biggest economy,
reinforcing positive sentiment after Tuesday data showed German
business morale improving sharply.
Banks took up 489 billion euros at the European Central
Bank’s first-ever three-year funding, easing euro zone funding
stresses and also helping risk appetite.
“The positive momentum has carried on from yesterday on the
back of the positive (German) IFO data, the housing starts from
the U.S…This morning we had the ECB which has also helped,”
said Neil Shearing, senior economist at Capital Economics.
Continued…
