\t\t<\/p>\n
\t\t<\/span><\/p>\n <\/span><\/p>\n \n \t\t\u00a9 Thomson Reuters 2011 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":" * Emerging stocks snap 6-days of losses with 1 pct jump * Hungarian stocks, currency reverse early gains on IMF news * Indian, Chinese, Indonesian currencies gain By Sujata Rao LONDON, Dec 16 (Reuters) – Emerging stocks snapped a six-day losing streak on Friday, rising 1 percent on some signs of U.S. economic recovery, but […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6209"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6209\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}* Emerging stocks snap 6-days of losses with 1 pct jump\n * Hungarian stocks, currency reverse early gains on IMF news\n * Indian, Chinese, Indonesian currencies gain\n\n By Sujata Rao\t\n LONDON, Dec 16 (Reuters) - Emerging stocks snapped a\nsix-day losing streak on Friday, rising 1 percent on some signs\nof U.S. economic recovery, but Hungarian markets reversed early\nsharp gains on news loan talks with the IMF and European\nCommission had broken down.\t\n By 1200 GMT emerging stocks on the MSCI rose 0.95 percent to\nrebound off two-week highs but are set to end the week with\nlosses of over 3 percent.\t\n While sentiment has been soured by fears of an impending\ndowngrade for euro zone states, U.S. data showing a fall in\nunemployment and a stronger than expected rise in factory\nactivity is providing some respite.\t\n \"Generally, sentiment is better as we've seen numbers out of\nthe U.S. that are supportive,\" said Luis Costa, head of CEEMEA\ndebt and FX strategy at Citi. \t\n \"There are rumours of sovereign ratings downgrades in the\nEuropean Union but by this stage you really have to ask if any\ninvestor should be surprised if that actually happens. That..\nshould have been priced in by now.\"\t\n But there was bad news in Hungary with new-found optimism\nover a deal to resolve the country's FX mortgage problem\nfizzling out after news that an International Monetary Fund\ndelegation, in Budapest for informal talks, had left ahead of\nschedule. A source told Reuters the IMF had walked away from the\ntalks.\t\n European Commission chairman Ollie Rehn said his group had\ndone the same, citing a controversial new government bill that\nmany say threatens central bank independence and effectively\ndemotes governor Andras Simor, who is respected by markets.\n \t\n The news threw earlier gains into reverse, with the 2\npercent stock market gains fuelled by the FX mortgage deal\nmelting away and the index falling into the red. The forint fell\n0.7 percent versus the euro after a strong start to\nthe session, bucking the regional trend.\t\n \"This is because of the news about the IMF talks,\" said a \ncurrency dealer in Budapest, forecasting more falls to come.\t\n If IMF talks break down it will be the latest in a steady\nstream of bad economic news from Hungary which has external\nfinancing needs of 4 billion euros next year. The tough global\nenvironment and stiff competition for funds from other regional\nissuers makes the IMF one of the few funding sources available\nto Hungary.\t\n Simon Quijano-Evans, chief EEMEA economist at ING Bank in\nLondon, noted that the Hungarian government rejected any\nconditionality attached to an IMF loan, yet \"wants to push\nthrough measures the IMF cannot accept.\" \t\n \"We are likely to get more short-term spillover into assets\nuntil the government announces where it will get the 2012\nexternal funding from,\" Quijano-Evans said.\t\n Hungary's portion of JPMorgan's benchmark dollar bond index\n was flat over U.S. Treasuries, giving up earlier gains.\nHungarian yield spreads had contracted 10 bps early on Friday.\t\n The forint could get some respite next week as the central\nbank is expected to raise interest rates by 50 basis points for\nthe second month in a row. But this could lead to more conflict\nwith the government -- Prime Minister Viktor Orban on Friday\ncalled on the central bank to pursue \"growth-friendly\" policies.\t\n Elsewhere, the South African rand rose 0.7 percent to\nthe dollar, on track for the worst annual performance in 3 years\nwith losses of over 20 percent. While that is a risk to the\ninflation target, the central bank is expected to hold rates\nsteady during 2012.\t\n Bonds rose, with yields down 7-8 bps across the curve.\t\n Earlier in Asia, the Indonesian rupiah firmed half a percent\nto the dollar after Fitch awarded the country an investment\ngrade rating for the first time in 14 years.\t\n The Indian rupee jumped 1.7 percent off record lows to the\ndollar after the central bank held interest rates steady\nand reduced trading limits for banks in the FX market making it\nhard to keep speculative positions open for a long time. \t\n China's yuan jumped to a record high after the central\nbank's suspected intervention yuan via state-run banks that were\noffering large amounts of dollars.. \t\n Emerging sovereign dollar bonds were 3 bps tighter over U.S.\nTreasuries \t\n\t\n (Additional reporting by Sebastian Tong; Editing by John\nStonestreet)<\/pre>\n