Emerging Market Rally Fades as Central Bank Angst Outweighs Oil
- Bets for higher U.S. rates, ECB taper plans weigh on markets
- Brent crude rises to the highest price since early June
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The advance that has pushed emerging-market stock valuations to the highest levels in more than a year lost momentum as signs that central banks may pull back stimulus that has propped up demand for riskier assets outweighed rising oil prices.
The MSCI Emerging Markets Index ended the session little changed at 915.26 after slipping as much as 0.6 percent. Stock prices fluctuated after Bloomberg News reported that the European Central Bank will probably wind down bond purchases before ending quantitative easing. Energy stocks advanced and exchange rates in oil-exporting nations from Russia to Colombia strengthened as Brent crude rose to a four-month high.