Bloomberg
Published Nov 08, 2020 07:58PM ET
U.S. Election Propels Assets to Best Week in Five Months
(Bloomberg) -- Emerging-market assets rallied last week, dictated by the U.S. election that eventually resulted in a victory for Democrat Joe Biden during vote counting over the weekend. Developing-nation stocks climbed to the highest level in more than two years with both equities and currencies posting their best week in five months. The Federal Reserve left interest rates near zero and made no change to asset purchases.
The following is a roundup of emerging-market news and highlights for the week through Nov. 6:
Highlights:
Asia:
Chinese President Xi Jinping is signaling his long-term vision for the economy likely requires it to expand at a average pace of less than 5% a year, well below its historical trend
EMEA:
Support for Poland’s ruling party plunged after its chairman, Jaroslaw Kaczynski, defended a Supreme Court abortion ruling, denounced protesters and called on people to defend churches “at all costs”
Latin America:
Argentina is shifting tack and has begun adopting more orthodox economic measures to try to shore up investor confidence and lure capital back into the country
The Mexican peso headed for its biggest quarterly gain in almost three years
Colombia’s central bank governor, Juan Jose Echavarria, said the rate cut cycle has ended “at least for a period”
©2020 Bloomberg L.P.
Written By: Bloomberg
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