Global Emerging Markets 環球新興市場

　　Emerging markets had a good week, boosted by rising risk appetite against a backdrop of buoyant global growth and a peak in US interest rates. In Latin America, the Brazilian BOVESPA rose 4.1% following the first round of the country's presidential elections, in which incumbent president Lula da Silva failed to achieve the majority needed to defeat the opposition candidate, Geraldo Alckman, after corruption allegations cost him votes. The result was generally welcomed by investors who hope it will force Lula to moderate his spending plans in order to ensure victory in the 29 October run off. Also in Brazil, industrial output slowed down in August, providing further evidence that the strong Brazilian currency is beginning to hurt the economy. Elsewhere in the region, Mexico's IPC rose 1.9%, while Argentina's MERVAL was 0.5% higher as Standard & Poor's raised the country's credit rating to B+, its highest level in more than five years and a further signal that the Argentine economy is on the road to recovery following 2001's debt default.

　　In central Europe, Hungary's BUX stabilised after the recent political turmoil, rising 1.4% over the week. Poland's WIG was up 2.1%, although the Czech PX 50 was 0.6% lower. Russia's RTS managed a 0.3% rise as a drop in September's inflation rate to its slowest level in a year, while in Turkey the ISE National 100 fell by a modest 0.5%.

　　冒險意欲回升，環球增長蓬勃，加上美國息口見頂，都刺激新興市場造好。拉丁美洲方面，巴西股市在第一輪總統大選后上升4.1%，現任總統盧拉因貪污指控而未能取得打敗反對黨對手所需的大多數票。結果普遍獲投資者歡迎，因盧拉或會因此而削減開支計劃，以確保10月29日能夠勝出。巴西8月份工業產出放緩，進一步證明貨幣匯價強勁已開始影響經濟。

　　至于其它拉丁美洲市場方面，

墨西哥股市升1.9%，阿根廷股市升0.5%。標準普爾將阿根廷信用評級調高至B+，是五年多以來最高，更暗示在2001年無力償債阿根廷，經濟現正步向復蘇。中歐方面，匈牙利股市在近期政治風波后已見回穩，上周升1.4%。波蘭升2.1%。捷克股市則跌0.6%。俄羅斯9月份通脹率降至一年新低，股市升0.3%。

土耳其股市則微跌0.5%。

    新浪聲明：本版文章內容純屬作者個人觀點，僅供投資者參考，并不構成投資建議。投資者據此操作，風險自擔。