(Bloomberg)--Morgan Stanley turned more bearish on sovereign and corporate debt in emerging markets as declines in their currencies accelerated and funding costs increased.
The U.S. bank cut its recommendation on foreign-currency bonds to sell from reduce, and on local-currency notes to reduce from hold, strategists led by New York-based Rashique Rahman wrote in a report dated yesterday. Argentinas peso and Turkeys lira have led declines in exchange rates of developing economies this year as the Federal Reserve began paring stimulus that had fueled demand for their assets.
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