Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Emerging currencies climb to 5-week high on US jobs, oil gains

by Bloomberg

Apr 06, 2015 - 12:00 am GMT+3
No Image
by Bloomberg Apr 06, 2015 12:00 am

Emerging-market currencies rallied to a five-week high and stocks from Russia to India advanced as oil jumped and disappointing U.S. jobs data triggered bets the U.S. Federal Reserve will delay raising interest rates

The ruble climbed for a fourth day against the dollar, extending this year's biggest appreciation globally, as Brent crude rebounded as much as 3.6 percent to $56.90 a barrel. Sberbank led shares in Moscow higher while Saudi Basic Industries Corp. climbed for the first time in three days in Riyadh. The Malaysian ringgit and Brazilian real increased at least 0.9 percent. Sun Pharmaceutical Industries Ltd. surged to a record in Mumbai.

An index tracking 20 developing-nation currencies added 0.4 percent by 1:21 p.m. in London. The measure jumped 1.2 percent last week, its second-best performance in a year-and-a-half, after payrolls data became the latest U.S. statistic to trail estimates, helping boost appetite for riskier assets. U.S. employers added the least jobs since December 2013. "Weak U.S. macroeconomic data gives investors hope that the Fed will hike rates later rather than sooner," Vladimir Vedeneev, the chief investment officer at Raiffeisen Capital Asset Management in Moscow, said by email. "We're seeing a reversal of the strong capital outflows from emerging markets into U.S. assets. Oil seems to have found a fragile balance, which is positive."

Investors added $561.5 million to U.S. exchange-traded funds that buy emerging-market stocks and bonds for the third straight week, led by accelerating flows into China and Hong Kong, according to data compiled by Bloomberg. In the first quarter, the funds lost $1.6 billion.

Brent recovers

The MSCI Emerging Markets Index climbed 0.9 percent to 1,003.64 on Monday, its sixth day of increases. Markets in China, Hong Kong, Taiwan, Thailand and Poland were among exchanges shut on Monday for holidays. Brent, the benchmark used to price Russia's main export blend, has moved between a low of $52.50 a barrel and a high of $63 a barrel in the past two months after sliding to a six-year low of $45.19 in January. It gained on Monday as Saudi Arabia raised prices for shipments to Asia. The advance helped boost assets in oil-exporting countries, with the ruble appreciating 1.1 percent to 55.97 per dollar and the ringgit climbing to a one-month high of 3.6315. Malaysia is Asia's only major oil exporter.

Sberbank, Russia's biggest bank, added 1.8 percent in Moscow. Sabic climbed 0.9 percent in Riyadh. Stock indexes in Dubai and India advanced at least 0.9 percent.

More expensive

All 10 industry groups in the MSCI Emerging Markets Index increased, paced by healthcare and technology companies. Sun Pharmaceutical surged 8.2 percent. A 4.8 percent rally in the developing-country gauge has driven its 12-month projected price-to-earnings ratio to 12.1, a five-year high. That is a 28 percent discount to the MSCI World Index. Samsung Electronics Co. climbed the most since March 11. The company's first-quarter operating profit probably rose more than 5 percent from the fourth quarter, Korea Economic Daily reported. The company is due to release earnings on Tuesday. The Philippine Stock Exchange Index rose 0.8 percent to a record as the Philippine Long Distance Telephone Co. advanced the most in two months.
  • shortlink copied
  • Last Update: Apr 06, 2015 9:50 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Forest fires, Tunisia and Olympics: Weekly top photos
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021