Oddbean

EM stocks recover after bruising selloff, dollar recovery weighs on currencies ========== Emerging market stocks recouped losses after a selloff, but gains were limited due to a stronger dollar and concerns over global economic growth. MSCI's index of emerging market stocks rose 1.2% after its worst day in over two years. Investors are pricing in an 80% chance of a 50 basis point interest rate cut from the Federal Reserve in September. The Japanese yen slipped, but the U.S. dollar rebound continued to weigh on emerging market currencies. Turkey's lira touched a record low against the dollar. Saudi Aramco rose after reporting a second-quarter net profit of 109.01 billion riyals. Central European currencies weakened against the euro. The International Monetary Fund expressed commitment to Bangladesh after Prime Minister Sheikh Hasina resigned and fled the country. Kenya's shilling edged down ahead of a monetary policy announcement. #EmergingMarkets #Stocks #Dollar #GlobalEconomy #InterestRates #Currencies #Lira #SaudiAramco #Euro #InternationalMonetaryFund #Bangladesh #Kenya https://www.cnbcafrica.com/2024/em-stocks-recover-after-bruising-selloff-dollar-recovery-weighs-on-currencies/