Emerging markets finish with a yawn; investors focus on holiday, ready to embrace risk in 2010

By Christine Van Dusen

Atlanta, Dec. 24 - Emerging markets finished the holiday-shortened week the same way it started: quiet, with little movement from issuers and some optimism from investors as both looked ahead to the New Year.

"It's totally, 110 % dead," a New York-based trader said on Friday. "There's nothing at all."

Treasury prices fell again to their weakest levels in several weeks and the yield curve remained steep on news that consumer spending was up slightly and weekly jobless claims declined, sparking hope that economic recovery is on the way for the United States and giving investors more reason to consider riskier assets.

That had investors thinking about 2010 and possible new issues from Latvia, the Dominican Republic, the Philippines and possible movement from Brazil, Colombia, Iran, Kenya, Mexico, Turkey and Russia.

But for Thursday, most of the focus was on closing up shop for the week and heading into the holiday.

"There's no one here to trade," another market source said. "There is nothing going on today."

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