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4 年前
GLOBAL MARKETS-Benchmark indexes up; renewed doubt on end of Fed purchases
2013年8月23日 / 晚上6点35分 / 4 年前

GLOBAL MARKETS-Benchmark indexes up; renewed doubt on end of Fed purchases

* U.S. stocks little changed after new home sales data
    * U.S. dollar index gives up gains
    * Treasuries prices rise on disappointing U.S. home sales

    NEW YORK, Aug 23 (Reuters) - Benchmark stock indexes around
the world edged higher, although the dollar fell on Friday after
a U.S. government report showed sales of new single-family homes
in July fell to their lowest level in nine months, raising
doubts about the timing and extent of cuts to the Federal
Reserve's stimulus program. . 
    Sales dropped 13.4 percent to an annual rate of 394,000
units, well below expectations, the Commerce Department said,
dimming what has been a bright spot in the U.S. economic
comeback. 
    Europe's main stock markets were steady to higher but
attention remained firmly on Asia after a torrid week that has
wiped billions of dollars off emerging markets for the second
time in two months. 
    Yields on U.S. Treasuries traded lower but still near
two-year highs, with investors reluctant to break out of recent
ranges, given uncertainty around when the Fed might slow its
massive bond-buying program. The benchmark 10-year U.S. Treasury
note was up 16/32, its yield at 2.833 percent. 
    "This has been a very unique market situation, with the Fed
stimulus being such an important component to the market rally.
This is uncharted waters for us," said Gordon Charlop, managing
director at Rosenblatt Securities in New York. "So regardless of
what the move is, the fact you are someplace you haven't been
before is cause for uncertainty."
    The next Fed monetary policy meeting is scheduled for Sept.
17-18.
    The Dow Jones industrial average was up 19.84 points,
or 0.13 percent, at 14,983.58. The Standard & Poor's 500 Index
 was up 3.30 points, or 0.20 percent, at 1,660.26. The
Nasdaq Composite Index was up 12.73 points, or 0.35
percent, at 3,651.44. 
    Stanford University economist Robert Hall told the Kansas
City Federal Reserve Bank's annual conference in Jackson Hole,
Wyoming, that the biggest risk facing the U.S. economy is a
premature policy tightening by the Federal Reserve.
.
    MSCI's emerging share index had its first gain
after six sessions in the red, while selling of India's rupee
 subsided after the currency's worst week against the
dollar in decades.
    "Hopefully the worst (of the emerging market selling) may
now be over," said Hans Peterson, global head of asset
allocation at SEB investment management. He added that his firm
may soon start "bottom fishing" in Asia. 
    "It doesn't seem to be a repeat of the 1997 (Asian crisis)
situation... and it seems like people are not so keen on being
extremely short anymore, so it might twist around a bit."
    The dollar surrendered gains against a basket of currencies
 after earlier climbing to a three-week peak versus the
yen, helped by the rise in U.S. bond yields on expectations the
Fed will reduce its asset-buying program next month. 
    Brent crude was up $1.09 at $110.99, while U.S.
crude rose $1.68 to $106.71 a barrel.    
    
    YIELDS BUILD   
    This week's market turbulence has been driven by growing
evidence that the Fed is ready to start closing the taps on its
huge stimulus program, a conviction that is being bolstered by
strengthening global data.
    Germany confirmed on Friday that its economy grew at a
muscular 0.7 percent rate in the second quarter, while there was
more welcome news from Britain as it revised upward its second
growth numbers.  
    Purchasing managers surveys this week showed
better-than-expected growth in the euro zone, a Chinese
manufacturing rebound and U.S. manufacturing activity rising to
a five-month high. 
    The week's early stock falls meant Europe's FTSEurofirst 300
, up 0.4 percent on Friday, had its first weekly drop
since June, though the region has been a major outperformer
recently. 
    The rebound in Asia left MSCI's global share index
 up 0.6 percent, although it was not enough to
prevent it heading for its third weekly fall.
  
    
    ASIA CRISIS II?    
    U.S. Treasury yields tend to set the benchmark for borrowing
costs across the globe, so their recent rise - is expected to
continue as the Fed winds down support - is making it more
difficult for indebted countries and firms to pay their bills.
    Data from Boston-based fund tracker EPFR Global on Thursday
showed $1.3 billion fled emerging debt funds in the week ending
Aug. 21, the biggest outflow since mid-July. 
    Other market experts also pointed to the fact that whereas
May and June's sharp sell-off in emerging markets calmed when
the change in direction of U.S. market rates made shorting
(betting against) those assets unprofitable, this time that did
not happen, meaning the selling could run for longer.

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