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Developed world markets surged in Sept.

Oct. 6, 2006 at 3:10 PM

NEW YORK, Oct. 6 (UPI) -- The world's developed equity markets turned positive in September as both interest rates and oil prices fell, U.S. analysts said Friday.

Standard & Poor's said its review of global stock markets showed an overall gain of 1.12 percent last month, while emerging markets were up 0.38 percent. Emerging markets include such economies as those of Brazil, Russia, India and China.

However, developed market returns trail that of emerging markets for both the quarter and the latest one-year period.

"Investors began to concentrate on fundamentals in September, as geopolitical and inflationary fears subsided," said Howard Silverblatt, an S&P analyst. "In the (United States), the Dow Jones industrial average reached a new high, or seen another way, has spent the last 6 1/2 years reversing the effects of the technology bubble.

"The broader S&P 500 index remains 12.5 percent off its high. However, without technology, the index would be up 17 percent from its March 2000 highs."

The Philippines posted an 11.14-percent gain versus a loss of 1.28 percent for August, while Nigeria fell 7.59 percent after gaining 23.38 percent in August.

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