Financial Markets…Global stocks started the week on a weak note, after enjoying three weeks of consecutive gains, as a sell-off of technology stocks that started on U.S. market on Friday extended to Asian and European markets. Renewed concern over the geopolitical risk in Ukraine also weighed on investors’ sentiment, especially in Europe. The benchmark MSCI world stock index dropped a third of a percent from last week’s highest levels not seen since late 2007.
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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.