.jpg)
1 hour ago
2
Article content
(Bloomberg) — Emerging-market currencies and stocks rebounded Tuesday after President Donald Trump hinted at a speedy end to the Iran war, pushing oil prices lower and bringing investors back to buy beaten-down assets.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
MSCI’s benchmark emerging equity index was up 3.3% as of 9:20 a.m. in London, snapping a two-day losing streak, with South Korean technology bluechips such as Samsung Electronics Co. and SK hynix Inc. leading the rebound. Seoul’s Kospi index was among the biggest gainers globally, reversing the previous day’s 6% slide.
Article content
Article content
Article content
Emerging markets which sold off more heavily than their developed counterparts in recent days are getting a reprieve from the oil price slide and the dollar’s fall after Trump said the war with Iran would be resolved “very soon.” Brent futures dropped as much as 11%, though they remain about 50% higher from the start of the year.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The recent selloff in Asian markets appeared overdone and provided good buying opportunities, according to Ray Sharma-Ong, deputy global head of multi-asset bespoke solutions at Aberdeen Investments. He said South Korea and Taiwan are still positioned to benefit from large investments into artificial intelligence.
Article content
“The hyper-scalers in the US have committed very large amounts in terms of capex spend and that’s where the demand drivers are going to come from,” he said on Bloomberg TV. “That’s not going to go away despite the war.”
Article content
Stock markets also recovered somewhat in energy-importing nations such as India, South Africa, Turkey and Hungary. In the Middle East, Dubai’s main index rose as much as 3.5%, its first gain since the Iran war began.
Article content
Emerging currencies also recovered against the dollar, with the MSCI’s gauge for the asset class rising as much as 1% for its biggest intraday gain since last May. Asian markets led the advance, with Thai baht and the Philippine peso strengthening more than 1%.
Article content
Local-currency bond yields fell back after large jumps in recent days, with Polish, Hungarian and South African 10-year borrowing costs sliding more than 30 basis points.
Article content
English (US)