Global Economic Prospects 2014

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Prospects Daily: Indian rupee at a seven-month high, U.K. inflation at a four-year low, China’s leading economic index rises in February

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Financial Markets…India’s rupee climbed to a seven-month high against the dollar as foreign investors stepped up purchases of the nation’s stocks and bonds by $3.5 billion this month amid election optimism. Investors have speculated the election of a new government will accelerate the country’s economic recovery. The currency gained 0.5% to 60.478 per dollar after appreciating to 60.475, the strongest level since August 12.

Prospects Daily: Developing-country shares turn weaker, U.K. raises growth forecasts, South Africa’s inflation rises for third consecutive month

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Financial Markets…Developing-country stocks fell for the first time this week on China concern. The benchmark MSCI Emerging Market Index fell 0.3%, snapping a two-day gain, as China’s broader stock index dropped 0.8% and the country’s currency weakened to near an 11-month low against the dollar. The collapse of property stocks and an increase in money-market rate spurred a slide in Chinese stocks. Russian stocks posted sharp declines as well amid lingering tensions over Ukraine.

Prospects Daily: Developing-country shares extend gains on easing concerns over Ukraine, German ZEW investor confidence lowest since August, Turkey leaves key policy rates unchanged

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Financial Markets…Developing-country stocks advanced for a second day on Tuesday, leading a global stock rally, as concerns over the Ukrainian conflict eased after Russian President Vladimir Putin said he did not want to split up its neighbor.  The benchmark MSCI Emerging Market Index rose 0.7% with the Russia’s Micex index surging 4.1%, building on yesterday’s gains.  Indian shares climbed to record highs amid strong demand by foreign investors, and benchmark stock indexes in Hungary and Turkey posted at least 1.8% gains.

Prospects Daily: Russian stocks and bonds slump amid growing tension with Ukraine, U.K. industrial production disappoints, India’s exports fall in February

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Financial Markets…Brazilian state-run oil company Petrobras sold $8.5 billion of international bonds yesterday, as the company continued to raise funds for its massive investment plan (some $221 billion over the next five years). The transaction comprised of six tranches with four different maturities. Petrobras’ bonds accounted for 40% of total bonds sold by Latin American sovereign and corporate borrowers thus far this year. The company also issued record-breaking $11 billion worth of debt last May.