* Emerging market Stocks Rise on U.S. Data

* Protests force Chinese factory to close

* AirAsia owner nears deal for QPR

* Economic vulnerability mars Singh’s record

* China mulls return to Benghazi projects

* Libyan rebels advance on Zawiyah

* Risk assets draw buyers as summer storm abates

* Gold Drops for Third Straight Day

* Caterpillar builds on solid China foundation

* South Korea seeks to safeguard its SMEs

* Markets, up

Emerging market Stocks Rise on U.S. Data
Emerging-market stocks rose the most in a month after U.S. retail sales posted the biggest increase in four months and Morgan Stanley lifted its allocation for developing equities to the highest level since April 2009, Bloomberg reports.
The MSCI Emerging Markets Index increased 1.3 percent to 1,002.77 as of 2:54 p.m. Singapore time, set for its largest increase since July 13. The gauge is rebounding from three weeks of losses after Standard & Poor’s cut the U.S. credit rating and concern grew that Europe’s debt crisis may spread. Taiwan’s Taiex Index jumped 2.4 percent and the Hang Seng China Enterprises Index rallied 3.8 percent, set for its biggest advance since June 2010.

Protests force Chinese factory to close
Chinese authorities ordered a petrochemical factory to close on Sunday after more than 12,000 demonstrators confronted riot police, demanding the plant’s relocation over health fears, the FT reports.
Scuffles broke out between police and protesters, mostly young people, in the public square in front of the municipal government offices in Dalian, Liaoning province, but Chinese state media gave no reports of injuries.

AirAsia owner nears deal for QPR
Tony Fernandes, Malaysian airline entrepreneur, is poised to take majority control of Queens Park Rangers, the English Premiership football club, as early as Monday, according to people with knowledge of the transaction, the FT reports.
Mr Fernandes, owner of the low-cost airline AirAsia, is close to finalising a deal where he will buy a 51 per cent stake in the newly promoted West London club from Bernie Ecclestone, the Formula One motor racing chief.

Economic vulnerability mars Singh’s record
When Manmohan Singh tops the battlements of Delhi’s Red Fort on Monday to deliver India’s independence day address, many expect him to lament the high-profile corruption scandals that beset his administration, the FT reports.
One columnist, Kiran Bedi, a former senior police officer, has dared the prime minister to seek “redemption” from his country’s 1.2bn people. Another urges him to declare personal disappointment in scandals that have mired the telecoms industry, the Commonwealth Games and the top brass of the military.

China mulls return to Benghazi projects
In the western outskirts of Benghazi, hundreds of five-storey, half-built buildings are spread along the road towards the Libyan frontline in Brega, the FT reports.
The west Benghazi project for 20,000 housing units is now under rebel guard, the walls surrounding the vast scheme sprawled with anti-Gaddafi graffiti.

Libyan rebels advance on Zawiyah
Libyan rebels advanced north to within 25km (15 miles) of the coastal city of Zawiyah west of Tripoli on Saturday, after a six-hour battle which pushed the front line to its closest point to the capital since the uprising against Muammar Gaddafi began in February, Reuters reports.
They hope to capture Zawiyah and cut off Gaddafi’s stronghold in the capital from access to the outside world along the coast road.

Risk assets draw buyers as summer storm abates
The summer storm that has buffeted markets so savagely since the start of August looks to have blown itself out, with most risk assets attracting buyers, the FT reports.
The FTSE All-World equity index is up 0.5 per cent and commodities are stronger, with copper up 1 per cent to $4.05 a pound. The FTSE Eurofirst 300 is forecast to start the session by advancing more than 0.5 per cent.

Gold Drops for Third Straight Day
Gold declined for a third day, set for the worst run in seven weeks, as concern eased that the global economy is stalling, boosting global equities and cutting demand for haven investments, Bloomberg reports.
Spot bullion lost 0.5 percent to $1,738.88 an ounce at 2:43 p.m. in Singapore, after shedding as much as 1.1 percent. Gold, which reached a record $1,814.95 on Aug. 11, is still 22 percent higher this year on debt woes in Europe and the U.S. The metal in Swiss francs rose to this year’s high of 1,390.91 today.

Caterpillar builds on solid China foundation
When Caterpillar, the world’s largest producer of earth-moving equipment, opened its first joint venture in China in 1994, the country was still among the poorest in the world in terms of gross domestic product per capita, and bicycles, not cars, dominated the streets of Beijing and Shanghai. Fast forward to today, when China is the world’s biggest market for machinery, accounting for about 9 per cent of Caterpillar’s annual revenues, the FT reports.

South Korea seeks to safeguard its SMEs
Bahk Jae-wan, South Korea’s finance minister, played to the cameras as he flitted between the colourful stalls of Sooyu market in Seoul last month. Having bought some rashers of pork belly, he logged onto his Facebook page and appealed to his fellow Koreans: “Why not visit a traditional market?”
“Reviving markets for 360,000 merchants at small and medium-sized enterprises is a top policy priority,” said the shirt-sleeved minister, who posed among the pumpkins and cabbages, the FT reports.

Emerging Markets
MSCI Emerging Market Index up +1.36% at 1,003

Americas
DJIA up +1.13% at 11,269
S&P 500 up +0.53% at 1,179
Bovespa up +0.24% at 53,473

Asia
Nikkei 225 up +1.37% at 9,086
Topix up +1.16% at 777.12
Hang Seng up +2.98% at 20,204
Shanghai Composite up +1.30% at 2,627
MSCI Asia ex-Japan up +1.77% at 508.44
S&P CNX Nifty Index down -1.27% at 5,073

Currencies
€/$ 1.43 (1.43)
$/¥ 76.87 (76.88)

Commodities
Brent Crude (ICE) up +0.28 at 108.31
Light Crude (Nymex) down -0.13 at 85.25
100 Oz Gold (Comex) down -2.20 at 1,738

Get alerts on Emerging markets when a new story is published

Copyright The Financial Times Limited 2019. All rights reserved.
Reuse this content (opens in new window)

Follow the topics in this article