San Gold Corporation (SGRCF)

[bbking2003]

Emerging Markets Morning Roundup: Asia Gets Hammered; Moody’s Frets About Chinese Municipal Debt! Moody’s Investors Service said China could be forced to bail out some local governments. The Shanghai Stock Exchange Composite Index fell 2.7% today to its lowest level since December.



India’s finance minister tried to calm investors when he told them that the economy is improving and the government will speed up reform. Investors were not enthusiastic. The S&P BSE India Sensex Index dropped 1.1%.

South Korea’s central bank left its benchmark interest rate unchanged at 2.5%. The Korea Stock Exchange KOSPI Index fell 1.4%.

The Philippine central bank kept its benchmark interest rate unchanged today at 3.5%, a record low. The Philippines Stock Exchange PSEi Index plunged 6.8%.

Indonesia’s central bank hiked interest rates a quarter percentage point to 6%. The Jakarta Stock Exchange Composite Index fell 1.9%.

Vladimir Putin said Russia’s government can’t keep spending forever. Russia’s Micex stock index has dropped 1.9%.

Turkey’s central bank continued to support the lira. Turkey’s Istanbul Stock Exchange National 100 Index has climbed 0.7%.