By Chris Vellacott
LONDON Thu Feb 26, 2015 5:45am EST
LONDON Feb 26 (Reuters) - Russian shares rose 2 percent and the rouble hit a six-week high against the dollar on Thursday as oil prices rallied, while reduced concerns about an imminent U.S. interest rate hike propped up broader emerging assets.
The rouble was trading more than 1 percent higher on the dollar while the spread on Russian debt over U.S. Treasuries narrowed 16 basis points after Brent Crude prices climbed above $60 per barrel on Wednesday.
Spreads on Ukrainian debt were steady around 4,000 basis points over Treasuries as fighting in the east of the country continued despite new European efforts to ensure a ceasefire takes hold.
The Ukrainian central bank on Wednesday abruptly reversed a ban on most currency trading after less than a day that was put in place to defend the embattled hryvnia.
However, the International Monetary Fund said it was ready to assist Ukraine with its foreign currency issues.
"Clearly the IMF is not going to release moneys if the war in eastern Ukraine continues, in our view, possibly explaining the procrastination in the IMF Board meeting. That uncertainty was highlighted in yesterday's decision by the (central bank) to reverse its decision on FX purchase bans, just one day into the ban, apparently on political pressure," Commerzbank analysts said in a note.
Broader emerging stocks were buoyed by U.S. Federal Reserve chair Janet Yellen's indications this week that policymakers are in no hurry to raise rates, with the MSCI emerging equities index rising 0.24 percent.
This easing of U.S. rate rise fears also lifted Turkey's lira 0.3 percent against the dollar, countering market nerves about apparent political meddling in monetary policy. On Wednesday President Tayyip Erdogan questioned whether the central bank was under external influence.
But the lira remains close to record lows reached earlier in the month.
"Further weakness in the lira could clearly begin to unsettle investors due to large foreign currency liability exposures in the country, " Mitsubishi MUFJ said in a note.
A firmer oil price did not prevent a 0.3 percent fall in the Angolan kwanza against the dollar to trade at record lows after lawmakers passed tighter spending in a new budget accounting for oil export revenues.
Key Gulf bourses held onto gains from the previous session, with the Saudi and Dubai markets up 0.1 percent and Abu Dhabi advancing nearly 1 percent.
Brazilian oil group Petrobras' 5-year credit default swaps were quoted 2 bps lower at 612 bps, according to financial data provider Markit, just off the six-year highs hit on Wednesday after Moody's downgraded the state-run company to junk.
For GRAPHIC on emerging market FX performance 2015, see link.reuters.com/jus35t
For GRAPHIC on MSCI emerging index performance 2015, see link.reuters.com/weh36s
For GRAPHIC on MSCI emerging Europe performance 2015, see link.reuters.com/jun28s
For GRAPHIC on MSCI frontier index performance 2015, see link.reuters.com/zyh97s
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see ) (Editing by Hugh Lawson)
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