Emerging-Market ETF Declines Before Fed as Turkey Tumbles - Bloomberg

Emerging-Market ETF Declines Before Fed as Turkey Tumbles - Bloomberg:

"The iShares MSCI Emerging Markets Index exchange-traded fund fell, snapping a two-day advance, ahead of the Federal Reserve’s policy statement tomorrow. Turkey’s stocks led world losses amid corruption arrests.

The developing-nation ETF slipped 0.5 percent to $41.01 at 1:16 p.m. in New York. The MSCI Emerging Markets Index rose 0.1 percent to 991.27 after a five-day slide. The Borsa Istanbul National 100 Index sank 5.2 percent after the sons of two cabinet ministers and the chief executive officer of Turkey’s largest state-owned bank were arrested as part of a corruption probe. The Czech koruna declined to a four-year low against the euro as the central bank kept its intervention policy.

Investors watched U.S. data for clues on when the Fed will start trimming its stimulus program. Confidence among American homebuilders beat forecasts while the cost of living was unchanged, showing inflation is making scant progress toward the central bank’s goal. About 34 percent of economists surveyed by Bloomberg on Dec. 6 predicted the Fed will start to reduce monthly bond purchases when it concludes the meeting. That compared with 17 percent in a survey from November."

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