Relief Rally in China, Emerging Markets
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Emerging market ETFs are extending gains this morning after opening higher as China hints at easing. The hints include comments by China's finance minister who said the nation will subsidize the use of energy-savings products, which could create additional consumption of $21.3 billion.
iShares FTSE China 25 Index Fund (NYSE: FXI) is down 19 percent in the past three months as data out of Beijing has weakened. Other emerging market stocks have also suffered, with the popular emerging market ETF (NYSE: EEM) losing 16 percent over the same period.
Both ETFs are up over 3 percent today in what looks like a relief rally, although a continued move higher through the end of the month could signal that a bottom is in place, especially if Europe stabilizes and China pulls the trigger on QE.
iShares FTSE China 25 Index Fund (NYSE: FXI) is down 19 percent in the past three months as data out of Beijing has weakened. Other emerging market stocks have also suffered, with the popular emerging market ETF (NYSE: EEM) losing 16 percent over the same period.
Both ETFs are up over 3 percent today in what looks like a relief rally, although a continued move higher through the end of the month could signal that a bottom is in place, especially if Europe stabilizes and China pulls the trigger on QE.
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