|Day's range||26,179.30 - 26,338.53|
|52-week range||22,863.39 - 35,461.52|
Turkey may have helped buoy the lira, but the rest of the developing world is reeling -- with stocks on the verge of a bear market.
Cristina Fernández de Kirchner, the former president of Argentina, on Monday sought to paint herself as the victim of a conspiracy in the face of bribery allegations that have unsettled markets and led to comparisons with the corruption inquiry that has shaken Brazil. Ms Fernández de Kirchner called for the case to be abandoned in written testimony on the first day of her trial, and took to Twitter to denounce what she claimed was a conspiracy between Mauricio Macri, her successor, his media allies and Claudio Bonadio, the presiding judge. The former president, who ruled from 2007 to 2015 with a fiery brand of populism, is accused of leading a criminal ring that took bribes, at times through extortion, from construction companies in public works projects.
What had been a worldwide party in global markets has lately been a party of one. With stress breaking out from Turkey to Russia, equities in China bouncing around to the tune of $100 billion a day and talk of contagion everywhere, U.S. shares are turning into the safest bet. The S&P 500 is up 6 percent in 2018 and the rest of the world is down 5.8 percent, the biggest split in four years.
Argentina’s century bonds fell to a record and the peso sunk to a two-week low as concern grows that a widening graft scandal will derail government efforts to shore up the economy. Yields on the overseas debt due due in 2117 edged up to 9.14 percent early Wednesday, bringing the increase to 0.18 percentage point since July 31, when journalists at La Nacion newspaper published the findings of an investigation into more than a decade of alleged corruption under former President Cristina Fernandez de Kirchner and her late husband. The peso has weakened 0.5 percent in that span to 27.57 per dollar.
Argentina has a new refrain: 30 — it’s a magic number. Just after President Mauricio Macri completed 30 months in office, inflation looks set to jump to a staggering 30 percent by the end of the year. It’s all an unfortunate confluence for Macri, who swept to office in 2015 vowing to jump-start the economy by enticing foreign investment and slashing inflation.
The iShares MSCI Emerging Markets exchange-traded fund (EEM) is down more than 7 percent for the year as trade tensions between the world's largest economies intesify. Among the biggest decliners in emerging markets were Argentine, Turkish, Brazilian and Chinese shares. “This really resulted from the escalation in trade tensions on multiple fronts,” says one analyst.
Emerging-market stocks and currencies extended gains into a third day as the U.S. dollar resumed losses amid a lull in the trade war.
Once again, the U.S. stock market is getting choppy. Yes, most economists and investors with a brain admit that escalation of global trade-war talk is a net negative for all parties. After all, market research firm FactSet reported in its latest Earnings Insight that second-quarter earnings are expected to rise 19% across the S&P 500(^GSPC) components.
Emerging markets joined a rebound in riskier assets after a selloff that drove stocks and currencies to their worst quarter since September 2015 amid escalating tensions between Washington and Beijing....
Stocks in developing nations slumped as heightened concern that a trade war will sap global economic growth put equity gauges worth $8 trillion in a bear market. Currencies also retreated and are heading ...
Bloomberg News reported that Latin America's third-largest economy could get a $30 billion loan from the IMF, lifting Argentina's currency from a record low. The Financial Times and Reuters also reported that Argentina is seeking a credit line. For the year, the peso is down more than 23 percent against the greenback despite Argentina sporting the highest overnight interest rates in the world.
No one loves Argentina right now, but a 58% profit could change investors' minds.
State-owned China Southern Power Grid Co. is considering a bid for a stake in Argentina’s largest power-transmission operator that could fetch about $400 million, according to people with knowledge of ...
Fed Chair Janet Yellen leaves her post after four years, and during that time it was smooth sailing for stocks, with tech shares doubling.
Global markets started the New Year on a strong note, notching up record gains.