| Fed special: * Markets soar after Fed's 'taper' surprise
* Fed inaction gives emerging economies breathing space
* Federal Reserve boost for emerging market currencies
* Taper shocker Wednesday: a round-up of EM reactions Plus: * India's Palaniappan Chidambaram stands firm on tax reforms * China's Huishan Dairy listing raises $1.3bn * Hungary gears up for $5bn bond sale * Brazil's Petrobras to invest heavily in data security * 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 up up! Fed special: Markets soar after Fed's 'taper' surprise: Global equities are jumping to fresh five-year highs, with emerging market assets particularly chipper, after the Federal Reserve surprised most investors by saying it would continue to pump money into the US bond market at a pace of $85bn a month. http://on.ft.com/1bsh5tX Fed inaction gives emerging economies breathing space: After months of volatility and even talk of a brewing financial crisis, Asian and European emerging markets greeted news that the US Federal Reserve would not start tapering its asset purchase programme with an overwhelming wave of euphoria. Equities, bonds and currencies rallied sharply on Thursday. http://on.ft.com/18Bduc2 Federal Reserve boost for emerging market currencies: Emerging market currencies, the big losers during a turbulent summer, climbed strongly against a fast receding dollar on Thursday as an expected initial round of Federal Reserve tapering was put on hold. http://on.ft.com/15EMzcQ Taper shocker Wednesday: a round-up of EM reactions http://on.ft.com/1f8Iu47 PLUS: 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 China's Huishan Dairy listing raises $1.3bn
China has a newly minted billionaire after the chairman of Liaoning Huishan Dairy saw his near 50 per cent stake valued at almost $2.5bn, following the milk company's $1.3bn listing in Hong Kong.
http://on.ft.com/17LbGKw 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://on.ft.com/1aLeYP1 Brazil's Petrobras to invest heavily in data security
Brazil's state-owned oil company Petrobras said it was investing R$21bn in five years to improve data security amid allegations US spies are targeting the company.
http://on.ft.com/1dpqz7q 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://on.ft.com/18z9FUB 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://on.ft.com/1aLspOY 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://on.ft.com/19dWtAV Ferrexpo buys $80m stake in Brazil's Ferrous Resources
London-listed iron ore miner Ferrexpo has paid $80m for a 14.4 per cent stake in Brazilian mining group Ferrous Resources, marking the group's first significant expansion outside Ukraine.
http://on.ft.com/1dpjrrC Emerging Markets
MSCI Emerging Market Index up +2.30% at 1,024 Europe
FTSE up +1.48% at 6,656
RTS up +3.76% at 1,483
Warsaw Wig up +1.66% at 50,231
FTSE 300 Eurotop up +0.97% at 1,271 Americas
DJIA up +0.95% at 15,677
S&P 500 up +1.22% at 1,726
Bovespa up +2.64% at 55,703 Asia
Nikkei 225 up +1.80% at 14,766
Topix up +1.88% at 1,215
Hang Seng up +1.67% at 23,503
Shanghai Composite up +0.29% at 2,192
MSCI Asia ex-Japan up +2.20% at 462.85
CNX Nifty up +3.66% at 6,116 Currencies
€/$ 1.36 (1.35)
$/¥ 98.87 (97.90) Commodities
Brent Crude (ICE) up +0.32 at 110.92
Light Crude (Nymex) up +0.68 at 108.75
100 Oz Gold (Comex) up +60.20 at 1,368 | 
