Markets Rise as Fears of Dubai Default Subside

Emerging-market stocks marked a third day of gains as fears that Dubai will default subsided. The MSCI Emerging Markets Index rose 0.7 percent at 8:22 a.m. in New York, heading for its longest winning streak in three weeks. Qatar’s DSM 20 Index jumped 5.3 percent.

Mark Mobius, who oversees more than $30 billion as chairman of Templeton Asset Management Ltd., said in a Bloomberg Television interview in Hong Kong that Dubai will be “bailed out” by its neighbors. Prince Alwaleed bin Talal, the billionaire Saudi investor, said Middle East economies won’t be “shaken” by the crisis. Dubai’s debt rescheduling will have only a minor effect on the euro region’s economy, Luxembourg’s Jean-Claude Juncker said yesterday after leading a meeting of European finance ministers in Brussels.

Bloomberg

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