Financial Markets…Developing-country stocks advanced on Monday, heading for the longest streak of gains since July, as Russia and the U.S. sought a diplomatic solution to reduce tensions over Russia’s annexation of Ukraine’s Crimea region over the weekend. The benchmark MSCI Emerging Market Index gained 0.5%, trimming its quarterly loss to 1.3% in the first quarter of this year. Russia’s Micex stock index rose for a second day, but the gauge is still down 10% this year, heading for its steepest quarterly drop since 2011.
Financial Markets…India’s rupee climbed to a seven-month high against the dollar as foreign investors stepped up purchases of the nation’s stocks and bonds by $3.5 billion this month amid election optimism. Investors have speculated the election of a new government will accelerate the country’s economic recovery. The currency gained 0.5% to 60.478 per dollar after appreciating to 60.475, the strongest level since August 12.
Financial Markets…Developing-country stocks fell for the first time this week on China concern. The benchmark MSCI Emerging Market Index fell 0.3%, snapping a two-day gain, as China’s broader stock index dropped 0.8% and the country’s currency weakened to near an 11-month low against the dollar. The collapse of property stocks and an increase in money-market rate spurred a slide in Chinese stocks. Russian stocks posted sharp declines as well amid lingering tensions over Ukraine.