A few headlines in the emerging world today, for investors:
CHINA: Unilever hopes to boost sales in rural China with an expanded relationship with online marketplace Alibaba Group Holdings ( BABA), Reuters reports. Shares of Alibaba are down by 0.4% this morning, while shares of Unilever ( UN) are flat in U.S. trading. Shares of Hindustan Unilever ( 500696.India) fell 1.3% Monday. Also today: the Asia Society is promoting fair trade in Asia. See our post, " India: Disadvantaged In "Divisive" Asia Trade Agenda?
GREECE: Greek banks reopened Monday with restrictions: depositors are limited to the same EUR420 weekly limit, but now can take it all in one day. The BBC reports "Greece began making a EUR4.2 billion ($4.5 billion) payment due to the European Central Bank on Monday, as well as a EUR2.05 billion payment due to the International Monetary Fund." One Greek man told the BBC that small businesses don't have enough money to pay suppliers, which eventually means running out of products to sell. See our post, " Greece Will Exit The Eurozone?" The Global X FTSE Greece 20 ETF ( GREK) is down 1.5% this morning.
CUBA: The Herzfeld Caribbean Basin Fund ( CUBA), a closed-end fund focused on the eventual lifting of U.S. economic restrictions on Cuba, is up 2.5% today as the U.S. reopened its embassy in Washington, D.C. See my latest column, " Cuba's Investing Opportunities" in Barron's magazine (subscription required). I quote Jason Marczak, deputy director of the Adrienne Arsht Latin America Center at the Atlantic Council, who says data transparency and unification of Cuba's two-currency system are what's needed to jump-start foreign investing and economic expansion. The CUBA fund, as we have mentioned, is trading at a significant premium to its net asset value. See " Is Big Cuba Play Overvalued?"
Among other active country funds this morning: The iShares MSCI Turkey ETF ( TUR) is down 4%, the Market Vectors ChinaAMC A-Share ETF ( PEK) is down more than 2% and the iShares MSCI Brazil Capped ETF ( EWZ) is down 1.3%
(END) Dow Jones Newswires
July 20, 2015 10:39 ET (14:39 GMT)
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