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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Emerging-Market Stocks, Bonds Rise on Investor Confidence, Oil |
By Laura Cochrane
Aug. 24 (Bloomberg) -- Emerging-market stocks rose for a third day and borrowing costs dropped to the lowest level in more than a week as investor confidence in eastern Europe surged and higher metals and oil lifted commodity producers.
The MSCI Emerging Markets Index added 1.8 percent to 860.61 at 1:55 p.m. in London, heading for the highest close in almost three weeks. The extra yield investors demand to own developing nations’ bonds instead of U.S. Treasuries declined three basis points to 3.62 percentage points, the lowest level since Aug. 12, according to JPMorgan Chase & Co.’s EMBI+ Index.
The 52 percent rally in emerging-market stocks this year is almost three times the increase in developed-economy shares and has pushed valuations to the highest level in nine years. Borrowing costs have almost halved as speculation the U.S. housing market is recovering and a recession is easing in Eastern Europe’s top trading partners improves demand for higher-yielding assets.
Positive economic data “provided some relief and triggered hopes of a recovery from the sharp contraction in activity seen since the end of last year,” analysts at Societe Generale SA wrote today in a research note. “The improvement is fragile, though, and heavily dependent on a recovery in global trade.”
Stocks in the MSCI Emerging Markets Index are trading at a price to earnings ratio of 18.37 times, the highest since 2000, Bloomberg data show. The MSCI World Index of developed stocks has added 18 percent this year and is trading at 25.3 times reported earnings.
Estonia Surges
Shares in Estonia headed for the biggest gain in 11 years, adding 13 percent, and Lithuanian equities surged 11 percent after Sweden’s TeliaSonera ABoffered to buy out shareholders in its Baltic units, according to statements from the company. AS Eesti Telekom, Estonia’s biggest phone company, jumped 23 percent and TEO LT in Lithuania added 30 percent.
Stock indexes in the Czech Republic, Bulgaria and Romania added more than 2.9 percent after an index of investor expectations for eastern Europe jumped to 36 points in August, from 4 in July, a survey by the ZEW Center for European Economic Research and Erste Bank AG showed. Confidence in Germany, the region’s top trading partner, soared to a three-year high last week. The recession in Europe’s biggest economy unexpectedly ended in the second quarter, government data showed this month.
Hungary Climbs
Hungary’s BUX Index of stocks rose 4.2 percent to the highest since October, after exchanges were closed on Aug. 20 and Aug. 21, as the central bank cut its benchmark interest rate to a 17-month low of 8 percent to help jolt the nation out of its worst recession in almost two decades. Investor sentiment in the country rose for a fourth month, reaching a 10-month high of minus 32.4, according to market research company GKI.
The Philippine’s benchmark stock index advanced the most in seven months on speculation that the Southeast Asian nation avoided a recession in the second quarter and is poised for an economic recovery later this year.
The yield gap on dollar bonds sold by Russia, the world’s biggest energy-exporting nation, dropped two basis points to a two-week low of 3.61 percentage points. Russian Deputy Economy Minister Andrei Klepach said the country’s economic contraction ended in June and data for July provide evidence a recovery from the recession is beginning, Interfax reported. South Africa’s yield spread decreased one basis point to 2.4 percentage points.
Cairn India Ltd., a unit of U.K.-based explorer Cairn Energy Plc, rose 5.6 percent in Mumbai on speculation it will benefit from higher crude prices. Oil rose as much as 0.7 percent to $74.41 in New York.
To contact the reporter on this story: Laura Cochrane in London atlcochrane3@bloomberg.net
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