Opening Bell 18.02.2014

Your world at 9am

world markets

Equities

Major
DAX(DEU) -0.06%
CAC(FRA) -0.11%
UKX(GBR) +1.09%
NKY(JPN) +0.92%
SPX(USA) +0.48%
MINTs
JCI(IDN) +0.10%
INMEX(MEX) +0.07%
NGSEINDX(NGA) +0.51%
XU030(TUR) +1.19%
BRICS
IBOV(BRA) -1.30%
SHCOMP(CHN) -0.46%
NIFTY(IND) +0.41%
INDEXCF(RUS) +0.76%
TOP40(ZAF) +0.92%

Currencies

USDEUR:+0.00% USDJPY:-0.06%

MINTs
USDIDR(IDN) +0.49%
USDMXN(MEX) -0.07%
USDNGN(NGA) +0.00%
USDTRY(TUR) -0.01%
BRICS
USDBRL(BRA) +0.03%
USDCNY(CHN) +0.01%
USDINR(IND) -0.12%
USDRUB(RUS) +0.23%
USDZAR(ZAF) +0.19%

Must reads

Ray Dalio vs. Warren Buffett (MorningStar)

Is the EM growth story over? The longer term steps that emerging markets need to take all reduce growth – at least for a while – and will add up to slower growth generally in the world. Shrinking current account deficits means importing less, which hurts growth prospects for trading partners. Addressing fears of excessive credit growth means tighter monetary policy locally and higher interest rates also mean slower growth. And the winners will be those countries with better governance. (FT)

Japan vs. EMs: Japan wight be the winner. (FT)

Also, this happens way more often than you think: Indonesia’s religious affairs ministry has accumulated a $5.4bn fund from prospective pilgrims who make a $2,000 down-payment to join the 12-year waiting list for a place on the Hajj. The finance ministry has started to use the fund to buy more government bonds in a bid to reduce its dependence on foreign investors. (FT)

A Brief History of the Efficient Markets Hypothesis (TGE)

Good luck!

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