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Emerging ETF Rallies as U.S. Data Outweigh Missile Test

Published: 03/09/2013 07:24:10 PM GMT
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The iShares MSCI Emerging Markets Index exchange-traded fund was set for the longest rally in three weeks as U.S. manufacturing data bolstered confide (more)

The iShares MSCI Emerging Markets Index exchange-traded fund was set for the longest rally in three weeks as U.S. manufacturing data bolstered confidence in global growth. Stocks in Turkey (XU100) and Dubai sank as an Israeli missile-defense test provoked concern about regional tensions.

The developing-nation ETF added 0.6 percent to $38.34 at 2:22 p.m. in New York. The MSCI Emerging Markets Index declined 0.3 percent to 935.17. China's stocks jumped as Premier Li Keqiang said he's confident the country will achieve this year's economic goals. Dubai's DFM General Index (DFMGI) and The Borsa Istanbul National 100 Index slid more than 2.2 percent. Turkey's lira sank to a record low and India's rupee fell amid higher oil prices and concern about a credit-rating downgrade.

The Institute for Supply Management's manufacturing index increased to 55.7 in August from 55.4 a month earlier, beating the median forecast of 85 economists surveyed by Bloomberg of 54. Stocks were briefly rattled by what Israel described as a joint flight test with the U.S. of its Arrow missile-interception system over the Mediterranean Sea. House Speaker John Boehner said he will support U.S. President Barack Obama's call for action against Syria.


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