Emerging stocks decline

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Bullsandbears

REUTERS

A bull and a bear styrofoam figurine.

London - Emerging-market stocks fell for the first time in four days as Petroleo Brasileiro SA led energy producers lower, offsetting gains in Asia.

Ukraine’s bond yields rose to a record and Thailand’s baht slid as anti-government protests in the nations escalated.

Petrobras, Brazil’s state-controlled oil company, sank the most in five years on a closing basis after increasing fuel prices.

Gold Fields Ltd. retreated for a second day in Johannesburg.

PT Bank Rakyat Indonesia led a 1.5 percent increase in the Jakarta Composite Index and the rupiah jumped 1.6 percent after data showed a surprise trade surplus.

Indian shares advanced after the nation’s economic growth quickened.

Credit-default swaps on Ukraine signaled a greater than 50 percent chance of default while the baht lost 0.3 percent.

The MSCI Emerging Markets Index slipped 0.1 percent to 1,017.67 at 1:05 p.m. in London after rising as much as 0.3 percent.

Manufacturing indexes in South Korea and Taiwan climbed in November, while a gauge in China beat estimates.

Street violence escalated in Ukraine between police and demonstrators, who called for a strike today to protest President Viktor Yanukovych’s refusal to sign a European Union trade agreement.

“Emerging-market growth is still in a tentative recovery mode,” Luis Costa, an emerging-markets strategist at Citigroup Inc. in London, said by e-mail.

Unrest in Ukraine “obviously does not add positively to high-yield emerging markets, as much as we believe the Ukrainian story still has to be dealt with in an isolated way,” he said.

 

Petrobras Sinks

 

Brazil’s Ibovespa index slid 1.7 percent as Petrobras sank 8.7 percent.

Brazil is allowing Petrobras to raise fuel prices for the first time since March after the company’s profit slumped the most among major producers from selling imported gasoline below cost.

Increases of 4 percent for gasoline and 8 percent for diesel that took effect over the weekend are part of a new pricing policy designed to reduce debt and make local prices converge with international benchmarks, Petrobras said in a November 29 regulatory filing.

Benchmark gauges in South Africa, Russia and Poland lost at least 0.4 percent.

Gold Fields, a South African mining company, fell 1.9 percent.

KGHM Polska Miedz SA, Poland’s sole copper producer, led a drop in Warsaw, retreating 1.3 percent.

United Co. Rusal, Russia’s aluminum producer, tumbled 3.9 percent.

 

Gold Slumps

 

Gold declined for the first time in three days in London, extending the worst monthly performance since June, on speculation a strengthening US economy will warrant less stimulus. Copper fell 0.6 percent.

It costs $1.94 million up front and $500,000 a year to insure Ukraine debt, indicating a greater than 50 percent chance of default, according to data compiled by CMA.

That compares with $1.77 million up front on November 29, the data show.

The yield on the junk-rated sovereign’s dollar bonds due June 2014 increased 278 basis points to a record 19.38 percent.

The MSCI Emerging Markets Index has lost 3.6 percent this year and trades at 10.7 times projected 12-month earnings.

The MSCI World Index has climbed 21 percent in the period and is valued at 14.6 times, data compiled by Bloomberg show.

The Jakarta Composite posted its steepest increase since September 19.

Bank Rakyat soared 3.4 percent in its second day of gains. Indonesian exports exceeded imports by $42.4 million in October, official data showed today.

That compares with the median estimate for a $775 million deficit by economists surveyed by Bloomberg.

 

India Growth

 

The S&P BSE Sensex of Indian shares advanced 0.5 percent after economic growth quickened last quarter from a four-year low. The rupee appreciated 0.2 percent versus the dollar.

“Investors are weighing the positive economic data that’s coming out from the different markets, trying to gauge if these are sufficient to extend the rally on equities,” Jonathan Ravelas, chief market strategist at BDO Unibank Inc., said in Manila.

“The resumption of China initial public offerings will spur fund rotation to the newcomers on hopes these will provide better returns.

The Thai baht weakened to the lowest level since September 9 as the central bank warned the political standoff was hurting Southeast Asia’s second-largest economy.

Protesters seeking to oust Prime Minister Yingluck Shinawatra vowed more unrest after clashes left three dead in Bangkok.

The premium investors demand to own emerging-market debt over US Treasuries decreased four basis points, or 0.04 percentage point, to 330 basis points, according to JPMorgan Chase & Co. - Bloomberg News


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