Emerging Stocks Trim Weekly Advance on India Drop as Lira Slumps - Bloomberg

Emerging Stocks Trim Weekly Advance on India Drop as Lira Slumps - Bloomberg:

"Emerging-market stocks fell, trimming the first weekly gain this month, as India’s most-valuable company missed sales estimates and China resumed initial public offerings. Turkey’s lira slumped to a record.

Tata Consultancy Services Ltd., India’s largest software-services exporter, slid 5.8 percent in Mumbai. The Shanghai Composite Index retreated 0.9 percent while Neway Valve (Suzhou) Co. surged 43 percent in its debut as China ended a 15-month freeze on new share sales. The lira weakened 1.2 percent against the dollar and the Borsa Istanbul 100 Index (XU100) fell to a three-week low. The Ibovespa posted a third straight weekly decline as homebuilders fell.

The MSCI Emerging Markets Index slipped 0.2 percent to 972.27 in New York, paring the weekly gain to 0.2 percent. Tata Consultancy was the biggest drag on the gauge after its results pulled the S&P BSE Sensex Index down the most since Jan. 2. Better-than-expected U.S. retail sales data this week and a drop in initial jobless claims backed the case for less monetary stimulus from the Federal Reserve."

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