Russian Market ‏@russian_market · 13 min
Russian Ruble continues sliding to USD.
– Hike the rates!
Asia Declines As Emerging Market Currencies Slide Again
It looks like it could be another interesting session. The big event overnight was the release of the Chinese PMI report, which confirmed further weakness in China’s manufacturing economy, a fact that bodes ill for vulnerable emerging markets that thrive by selling commodities and other goods to China.
Asian markets fared poorly.
India fell 1.25%. Japan fell 2.45%. Thailand dropped 0.7%.
Chinese govt adivsor and fmr. World Bank chief economist calls for end to U.S dollar as reserve currency
zerohedge ‏@zerohedge · 8 h
Bad for Australia: ‘the rate of input price deflation was marked overall, amid reports of lower raw material costs.”
The Carnage Continues In Asia As China PMI Confirms Contraction Deepening
The Final HSBC Manufacturing PMI print dropped from 49.6 Flash to 49.5 – its biggest drop since June and lowest since July 2013…
Here Are A Bunch Of Companies With A Lot Of Exposure To Emerging Markets
JIM SINCLAIR: US MAJOR MARKETS WILL IMPLODE IF EMERGING MARKETS IMPLODE!
Gold expert Jim Sinclair emerged from a lengthy hiatus from public commentary Tuesday to warn readers that the major US markets will completely implode should Janet Yellen follow through on the Bernanke Fed’s threats to fully taper QE.
Sinclair states that should Yellen taper seriously now, the emerging markets will implode. Should the emerging markets implode,the US major markets will also implode. The dollar would lead on the downside.
Gregor Peter ‏@L0gg0l · 33 seg
EUR/HUF 312 handle, highest in 2 years
Here’s The Hungarian Currency Chart Everyone Is Talking About Today
The current level represents a 3-year low for the Forint against the Euro.
Danish government collapse as socialists leave coalition!
RBS £8 Billion Loss Shows Risk In UK Banking System
Russian Market ‏@russian_market · 1 min
Bank Rossii (Central Bank of Russia) says Forex sales unlimited when Ruble above corridor.
– Now you start talking, girl! USDRUB 35.19
Deutsche Bank suspends New York head of emerging markets forex desk amid manipulation probe
Russian Market ‏@russian_market · 20 seg
#FUN After Russian blogger @adagamov living in Norway wrote on weak Ruble, Norwegian Krone fell to Ruble too
Gregor Peter ‏@L0gg0l · 42 seg
High yield currencies hit today: NOK SEK NZD
Gregor Peter ‏@L0gg0l · 2 min
Russia central bank says to conduct “unlimited” interventions if RUB goes outside corridor. No much reaction so far
Gregor Peter ‏@L0gg0l · 50 seg
French EU parliament lawmaker says Greece debt restructuring on agenda (via @savaricas )
The Russians are after dollars/euros.
The banks reporting the sales of the hard currency rose by 4 times in the last 10 days – says VTB 24 Bank in Moscow.
Gregor Peter ‏@L0gg0l · 3 min
BOOOOOOOOOOOOOM RT @Darlington_Dick: *RAJAN: INTERNATIONAL MONETARY COOPERATION HAS BROKEN DOWN
Gregor Peter ‏@L0gg0l · 24 min
TURKEY CENTRAL BANK SAYS LIQUIDITY MAY BE TIGHTENED FURTHER TO INVERT YIELD CURVE
Gregor Peter ‏@L0gg0l · 29 min
TURKISH CENTRAL BANK SAYS TO MAKE SURE INFLATION EXPECTATIONS ANCHORED
Gregor Peter ‏@L0gg0l · 41 min
$$ Market talk – Ukraine central bank sold $2 billion to defend the hryvnia in past days. Reserves dropped to $20 billion
Record Cash Leaves Emerging Market ETFs
Investors are pulling money from exchange-traded funds that track emerging markets at the fastest rate on record, asChina’s slowing growth and cuts to central-bank stimulus sink currencies fromTurkey to Brazil.
More than $7 billion flowed from ETFs investing in developing-nation assets in January, the most since the securities were created, data compiled by Bloomberg show. The iShares MSCI Emerging Markets ETF (EEM) has seen its assets shrink by 11 percent, while the Vanguard FTSE Emerging Markets ETF is poised for the biggest monthly redemption since the fund was started in 2005. The WisdomTree Emerging Markets Local Debt Fund (ELD) is on track for an eighth straight month of withdrawals.
As Currencies Fall, Leaders Cast Blame Abroad…….ITS STARTING….
As currencies dive across the emerging world, leaders in countries such as Turkey and Argentina are resorting to a timeworn gambit that rarely succeeds in steadying wobbly money: Blaming outside conspirators.
“The speculative behavior of many businessmen and merchants in Argentina is antipatriotic and shameful,” said Jorge Capitanich, President Cristina Kirchner’s cabinet chief, Wednesday.Turkey’s Prime Minister Recep Tayyip Erdogan, meantime, has vowed to “choke” market speculators. With the lira plunging, the leader blamed the “interest-rate lobby”—an alleged conspiracy of bankers and foreign media that he says seeks to stoke political and economic turmoil in Turkey.
The scramble to assign blame shows how currency declines across the emerging markets are creating new political pressures for emerging-market leaders.
From Brazil to Russia, developing world currencies are dropping as investors pull money on concern that slowing growth in China and the U.S. Federal Reserve’s move to tighten monetary policy will stunt emerging-market prospects.
Other developing-world leaders resist the temptation to blame the fickleness of global capital for their currency woes. Although currencies have been hit in big Latin American economies such as Mexico, Chile and Brazil in recent weeks, their leaders have reacted with more measured tones.
Part of the reason is these countries, which have followed more conservative macroeconomic policies than countries such as Turkey and Argentina, believe they can ride out the turmoil. Brazil, for example, socked away $380 billion in reserves over the past decade. Argentina’s reserves are only $29 billion.
World risks deflationary shock as BRICS puncture credit bubbles