"Emerging-market stocks rose a second day, led by Russian shares, as investors awaited this week’s Federal Reserve policy meeting. Turkey’s lira slumped after riot police stepped up their crackdown on protesters.
Stocks pared gains on concern the Fed may scale back stimulus. Russia’s Micex Index advanced 2 percent as OAO Novatek paced gains in commodity companies. Petroleo Brasileiro SA, Brazil’s state-controlled oil company, surged after selling $1.83 billion in assets and as Jefferies Group LLC raised its recommendation. Turkey’s lira weakened for the first time in a week, while stocks tumbled. Venezuela’s bond yields increased as the nation’s credit rating was lowered by Standard & Poor’s.
The MSCI Emerging Markets Index added 0.2 percent to 955.58 at 3:43 p.m. in New York, paring a gain of 0.6 percent. The U.S. Federal Open Market Committee starts a two-day policy meeting tomorrow. The developing-nation measure has fallen 8.8 percent since Fed Chairman Ben S. Bernanke said May 22 that U.S. policy makers “could” scale back economic stimulus efforts if the employment outlook showed “sustainable improvement.”"
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