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Emerging Markets News: Emerging Market Stocks Take a Dive, While Colombia Sees Growth in Q2


Plus, Brazil's inflation rises because of food prices, and more.

Food Prices Push Up Brazil's Inflation; Unemployment Rate Dips More Than Expected
"Brazil's September IPCA-15 inflation rose 0.48% over the prior month, higher than economists expected. The country's unemployment rate offered a slight positive surprise, coming in at 5.3% versus economists' estimates of 5.6%.

"The inflation data got most of the attention. Brazilians would be better off if they were vegetarians: The biggest driver were food prices, with the strongest pressure coming from beef, fish, chicken and eggs."

The Russian Times
Link: Sberbank's $5.2bln Placement Is Twice Oversubscribed

"The price range for the sale of 7.6 % stake in Russia's state-owned lender Sberbank has been pushed up at 92-94 roubles ($3.01-$3.07) per share.

"While the minimum price for the sale is now 92 roubles per share, the book was reportedly covered by Monday evening in Moscow, with bids for the 1.71 billion shares on offer coming in at 93.5 roubles or higher, raising the value of the stake.

"The sale was put off last year due to unfavorable market conditions. Improving sentiment made it possible to go ahead with the sale on Monday, with Russia back on track with its privatization plan."

Link: Pimco's QE3 Distaste Grows as Peso Bond Bet Fades: Mexico Credit

"Bill Gross's concern that Ben S. Bernanke is sparking a jump in US consumer prices is already sinking his bet in Mexican peso bonds.

"Yields on Mexican benchmark notes due in 2024 soared to a three-month high of 5.73 percent on Sept. 14, a day after the Federal Reserve announced a third round of asset purchases aimed at boosting economic growth. Yields have jumped 59 basis points, or 0.59 percentage point, from a record low July 20 and erased almost all the gains in the debt since Gross said in a June 19 post on Pacific Investment Management Co.'s Twitter account that he favored Mexican bonds over German bunds. German yields have climbed 47 basis points in the same period."

Twitter: @brokawbrokaw
No positions in stocks mentioned.
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