| * Fed holds the line on bond buying * Emerging markets soar on Fed surprise * India's Palaniappan Chidambaram stands firm on tax reforms * Indian's rupee jumped 2.5 per cent in the first minutes of Mumbai trading * Hungary gears up for $5bn bond sale * Mexico hedges oil output at highest price on record * Mexico's Volaris airline surges in debut * Nissan to start producing cars in Myanmar * Ferrexpo buys $80m stake in Brazil's Ferrous Resources * Markets: up Fed holds the line on bond buying
The US Federal Reserve sprung a surprise on markets by keeping its asset purchases steady at $85bn a month as chairman Ben Bernanke backed away from the guidance he gave in June.
http://www.ft.com/intl/cms/s/0/3de1c03a-208b-11e3-9a9a-00144feab7de.html Emerging markets soar on Fed surprise
Equities across Asia Pacific jumped higher after the Federal Reserve did a massive favour to global investors by saying it would continue to pump money into the US bond market at an $85bn-per-month pace. Emerging markets that had been hardest hit by fears of the US central bank scaling back its stimulus programme climbed the most. Indonesian stocks soared 7 per cent in the first half hour of Jakarta trading, the Philippine stock market climbed 3.6 per cent in Manila, and Singapore's Straits Times index moved up 1.8 per cent.
http://on.ft.com/1bsh5tX Indian's rupee jumped 2.5 per cent in the first minutes of Mumbai trading, as part of a broader rally in emerging market currencies against the US dollar as the Fed failed to taper (FastFT) India's Palaniappan Chidambaram stands firm on tax reforms
India's finance minister, who has announced numerous reforms since he retook the finance portfolio last year, said the government wanted the winter session of parliament to pass a long-awaited bill to introduce a goods and services tax, as well as a law allowing foreign investors to increase their stakes in Indian insurance companies. Reform in the energy sector is also expected.
http://on.ft.com/14iYJXM Hungary gears up for $5bn bond sale
Hungary shows all the signs of joining the emerging markets rush to tap bond markets before the onset of any tapering gains effect, gearing up for a US bond issue of up to $5bn, according to a shelf registration filed with the Securities and Exchange Commission in New York.
http://blogs.ft.com/beyond-brics/2013/09/18/hungary-gears-up-for-5bn-bond-sale/ Mexico hedges oil output at highest price on record
Mexico has hedged its oil production for the coming year at the highest price on record, in a striking indication of how stubbornly high oil prices continue to allow producing governments to finance growing budgets.
http://www.ft.com/intl/cms/s/0/ec038a60-206b-11e3-9a9a-00144feab7de.html Mexico's Volaris airline surges in debut
Volaris, an ultra-low cost Mexican airline, surged in early trading after its debut in Mexico City and New York, and forecast sustained speedy growth ahead, fuelled by an aggressive expansion strategy to double domestic routes in five years.
http://www.ft.com/intl/cms/s/0/d6447152-207b-11e3-9a9a-00144feab7de.html Nissan to start producing cars in Myanmar
Nissan will strengthen its push into emerging markets by starting to build cars in Myanmar – the first leading carmaker to do so since the easing of western sanctions last year on the country.
http://www.ft.com/intl/cms/s/0/f5db7c32-2066-11e3-9a9a-00144feab7de.html Ferrexpo buys $80m stake in Brazil's Ferrous Resources
London-listed iron ore miner Ferrexpo has paid $80m for a 14.4 per cent stake in Brazilian mining group Ferrous Resources, marking the group's first significant expansion outside Ukraine.
http://www.ft.com/intl/cms/s/0/669d0d6e-2062-11e3-9a9a-00144feab7de.html Emerging Markets
MSCI Emerging Market Index up +1.81% at 1,019 Americas
DJIA up +0.95% at 15,677
S&P 500 up +1.22% at 1,726
Bovespa up +2.64% at 55,703 Asia
Nikkei 225 up +1.71% at 14,753
Topix up +1.37% at 1,209
Hang Seng up +1.65% at 23,500
Shanghai Composite up +0.29% at 2,192
MSCI Asia ex-Japan up +2.11% at 550.12
CNX Nifty up +2.97% at 6,075 Currencies
€/$ 1.35 (1.35)
$/¥ 98.38 (97.90) Commodities
Brent Crude (ICE) up +0.25 at 110.85
Light Crude (Nymex) up +0.48 at 108.55
100 Oz Gold (Comex) up +55.40 at 1,363 | 
