World Economy

EM Stocks Jittery

EM Stocks JitteryEM Stocks Jittery

Emerging stocks snapped an 11-day winning streak on Monday and currencies felt the pain of the dollar regaining its footing as markets eyed reports due from Washington that could ring in a fresh set of sanctions against Russia, Reuters reported. MSCI’s emerging markets benchmark had climbed to a new decade high in early Asian trading, but withdrew to trade 0.2% weaker while bourses around the globe painted a mixed picture. Stocks in South Korea, Taiwan and parts of the Persian Gulf Arab states chalked up solid gains. Yet equities in Russia, South Africa and Turkey were suffering. China’s blue-chips booked their worst day in more than two months, led by a slump in consumer and healthcare stocks as investors decided to take profits. Chinese stocks have enjoyed a hefty rally, with mainland indexes still up some 8%. Markets were awaiting two reports from Washington which could detail the possibilities for expanding sanctions against Moscow, including a list of prominent oligarchs and potential restrictions on the holding of Russian government debt.

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