By Ben Levisohn
China’s interbank-lending rate rose to its highest level in 18 months. The reasons: A shortage of cash and rumors that two banks missed loan repayments, the Wall Street Journal says. The Shanghai Stock Exchange Composite Index fell 1.3% today.
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- David McNew / Getty Images
India’s rupee fell to its lowest level in a year. The S & P BSE India Sensex Index dropped 0.5%.
South Korea’s gross domestic product grew 1.5% from a year ago, matching a preliminary forecast. The Korea Stock Exchange KOSPI Index fell 1.8%.
Taiwan’s exports rose 0.9% in May, above forecasts for a decline a 0.13%. The Taiwan Stock Exchange Weighted Index fell 0.01%.
The Philippines’ foreign-currency reserves fell in May. The Philippines Stock Exchange PSEi Index rose 1.4% .
Malaysia’s trade surplus fell to its smallest in more than 15 years. The FTSE Bursa Malaysia KLCI Index gained 0.3%.
South Africa’s foreign-currency reserves dropped 4.3% in May, the largest fall in more than four years. The FTSE / JSE Africa Top40 Tradeable Index has gained 0.7%.
Fitch said protests against Turkey’s government are not a threat to the nation’s credit rating-yet. Turkey’s Istanbul Stock Exchange National 100 Index has climbed 1.1% .
Emerging Market Stocks in the News
Amazon (AMZN) is now selling its Kindle in China. Its shares have gained 0.6% to $ 269.50 in pre-open trading today.
Jinko Solar (JKS) reported a loss of 92 cents an ADS, above forecasts for a loss of $ 1.66. Jinko’s stock has gained 13% to $ 9.60 before the open.
Vale (VALE) was upgraded to Outperform from Underperformed at Bernstein , according to Briefing.com . Its shares have dropped 1.1% to $ 14.54 in pre-open trading.
JPMorgan cut Mercado Libre (MELI) to Neutral from Overweight, according to Briefing.com . Its stock has dropped 2.3% to 114.52 before the open.
Gafisa (GFA) said it would sell a 70% stake in Alphaville Urbanismo to Blackstone and others. Gafisa’s shares are up 4.7% to $ 3.80 in pre-open trading.
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