* Turkish banks rally over 2%
* Rand, rouble, zloty all extend gains
* Global markets eye Biden transition
* Ivory Coast launches Eurobond sale
By Sruthi Shankar
Nov 24 (Reuters) - U.S. dollar weakness lifted most emerging market currencies on Tuesday as investors looked to U.S. politics and progress on COVID-19 vaccines, but the Turkish lira came under renewed pressure.
After a strong rally in the wake of a bumper interest rate hike last week, the Turkish currency languished again as new coronavirus restrictions began and investors look for signs of sustained central bank support. pair returned back to the 7.90 area, suggesting that investors share our continued skepticism concerning a sustainable TRY appreciation over the medium term, given the economic and political impasse at home," analysts at UniCredit said in a note.
The Turkish banking index .XBANK , however, jumped over 2% after a regulator said that it had decided to halt the calculation of banks' asset ratios from the end of the year as part of normalisation steps. MSCI's index of EM equities .MSCIEF clung to a fresh 32-month high hit in the previous session. Bourses in Moscow .IMOEX , Istanbul .XU100 and Johannesburg .JTOPI rose between 0.3% and 0.9%, with Moscow aided by a jump in oil prices. O/R
Most Asian stock markets were subdued, although India's Nifty 50 .NSEI hit a record high, topping 13,000 for the first time. .BO
Markets globally took heart from signs of progress in the development of coronavirus vaccines, while a formal transition approval for U.S. President-elect Joe Biden added to the upbeat mood. Polish zloty PLN= also made ground against the dollar, rising 0.3%. However, it EURPLN= and other east European currencies such as the Hungarian forint EURHUF= and the Czech crown EURCZK= traded in tight ranges against the euro.
Highlighting the demand for emerging market debt during the pandemic, the world's no.2 copper producer Peru said investors had soaked up its offer of $4 billion worth of debt, including a rare century bond. Ivory Coast launched the first sub-Saharan Africa pandemic-era Eurobond sale. Initial pricing for the west African country's euro-denominated bond maturing in 2032 stood at 5.5%, according to a lead banker. GRAPHIC on emerging market FX performance in 2020, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2020, see https://tmsnrt.rs/2OusNdX
For TOP NEWS across emerging markets CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.