Emerging stocks rose for a second day after protesters in Hong Kong began talks with the government. Russian stocks climbed after their biggest weekly drop since July, while South Africa’s rand jumped against the dollar.
Back in late January of this year, the so-called “Fragile Five” emerging markets (Brazil, Turkey, South Africa, India, and Indonesia) came under fire as traders sold their currencies in a mini-EM contagion.
Emerging stocks headed for their longest streak of monthly gains since 2005 as bets central banks will support economic growth helped offset concern the conflict between Ukraine and Russia is worsening. The ruble fell today.
Emerging-market stocks climbed for a fourth day as President Vladimir Putin said Russia will do all it can to end the Ukraine conflict, spurring speculation tension will ease. The ruble and South Korean won advanced.
Stocks fell around the world as earnings from Samsung Electronics Co. to Deutsche Lufthansa AG trailed estimates and Argentina missed a payment on its bonds. Oil dropped for a fourth day and the dollar strengthened.