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NewsDay

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Russia leads losses as oil slumps; Turkey gains

World Business
LONDON, – Russian assets led losses on emerging markets on Friday, with stocks slumping 2 percent and the currency down 0.6 percent as concern over world economic growth and banking system pushed oil prices to 18-month lows. Emerging equities lost 1.6 percent and headed for a weekly loss after two weeks in the black. Weak […]

LONDON, – Russian assets led losses on emerging markets on Friday, with stocks slumping 2 percent and the currency down 0.6 percent as concern over world economic growth and banking system pushed oil prices to 18-month lows.

Emerging equities lost 1.6 percent and headed for a weekly loss after two weeks in the black. Weak economic data from the United States, euro zone and China has hit sentiment as has Moody’s decision cut the credit ratings of 15 of the world’s biggest banks.

Russia’s equity index, dominated by oil and metals, has lost over 4 percent this week as Brent crude futures have shed 8 percent. The rouble fell 0.5 percent to three-week lows to the dollar.

However the oil price falls come as a boon for energy importer Turkey, the only emerging European stock market in positive territory on Friday.

The index has risen for the fourth week in a row and is up 10 percent in June, its best performance since January, helped also by a Moody’s ratings upgrade. Local bond yields have fallen to October 2011 lows.

The Hungarian forint extended gains, rising 0.4 percent versus the euro on expectations that Budapest will soon seal an aid deal with international lenders. The currency has rallied over 6 percent in June.

Asian currencies were mostly weaker, led by the Indian rupee which slumped to a new record low and on track for its worst week in 6 months.

Egyptian markets were closed but the Cairo index fell 1.9 percent on Thursday while the pound had hit a 7-year low versus the dollar as rival presidential candidates claimed election victory and protestors filled the city’s main square.