World’s Energy Chaos Turns Russia Into Top Emerging-Market Pick
- Investors shift cash from Chinese assets to energy exporters
- Ruble, Colombian peso to benefit from higher oil revenues
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Surging energy prices are kindling bullish bets on developing-nation exporters, with Russia emerging as traders’ favorite investment destination.
Russia’s ruble has gained more than any other emerging-market currency this month, bolstered by the prospect of higher oil revenues, while the nation’s stocks outperformed as a broad gauge of developing equities sank. OPEC’s monthly report will be closely watched this week as investors seek further clues on the outlook for the oil industry.