Optimism over China's economic recovery lifted an emerging stock markets benchmark for a third straight session on Thursday, while currencies were subdued amid signs that the Federal Reserve's rate-hike cycle may not end anytime soon. The MSCI's EM equities index rose 0.8% to hit a one-month high, with bourses in Warsaw, Budapest and Johannesburg all gaining. While China's yuan continued to be supported by hopes of economic recovery, other developing world currencies moved little against the dollar. "The futures market pricing is still for the Fed to stop shy of the 5% handle and to cut rate by end-2022. Hungary issued a total of $4.25 billion worth of dollar-denominated benchmark bonds, Finance Minister Mihaly Varga said, with bids exceeding $12 billion.

Source: News 24 January 06, 2023 00:27 UTC