NEW YORK, March 6 — Emerging market stocks rose today as US Treasury yields dipped ahead of commentary from Federal Reserve Chair Jerome Powell later in the week, but gains were limited as a modest 2023 growth target by China disappointed investors.
The index hit a rough patch in February as signs of economic resilience in the United States stoked concerns of more rate hikes by the US central bank, but recent commentary from some Fed officials has calmed jitters, leading to a pullback in US Treasury yields. It was at the low end of expectations, as policy sources had recently told Reuters that a range as high as 6 per cent could be set.
“From a more cautious viewpoint, the unambitious growth target points to a more subdued outlook. It may also signal that the government is likely to implement more moderate policy easing than before.”The Turkish lira was flat against the dollar with the main opposition alliance expected to announce their candidate to challenge President Tayyip Erdogan in the upcoming election later in the day.