Raiffeisen Bank International AG and Societe Generale SA, the European banks with most at stake in Russia, led European lenders lower as the ruble continued its slide today, defying a surprise rate increase.
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.
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.
Brazil’s real gained the most in a month after the central bank stepped up efforts to arrest the world’s worst currency decline, announcing a $60 billion intervention program involving currency swaps and loans.
Brazil’s economy expanded in the third quarter at half the pace forecast by economists, as government stimulus efforts fail to revive investment that fell for the fifth straight period. Rate futures plunged.