[...] ruling parties win majority By Susan Mathew May 27 (Reuters) - Emerging market shares rose on Monday and developing market currencies firmed a
[…] ruling parties win majority
By Susan Mathew
May 27 (Reuters) – Emerging market shares rose on Monday and developing market currencies firmed against a recovering dollar, although central and Eastern European currencies weakened after the European Union parliamentary vote showed deep political fragmentation.
While the U.S.-China trade war loomed large, MSCIâ€™s index of emerging market shares rose 0.16% after three straight weeks of losses.
With the […] largely positive Asia, closing more than 1% higher on hopes of policy support Beijing to ease the pain U.S. tariffs.
The yuan led Asian currencies higher after Chinaâ€™s banking and insurance regulator said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer â€œheavy lossesâ€ if they bet against the currency. Asian optimism spread into European trading hours, with Turkeyâ€™s lira and stocks rallying strongly.
In a move to support stability, Turkeyâ€™s central bank increased the reserve requirement ratios for forex deposits and participation funds by 200 basis points for all maturity brackets, possibly withdrawing $4.2 billion of forex liquidity the market.
South Africaâ€™s rand slipped slightly after trading steady early in the session, as markets await an announcement on President Cyril Ramaphosaâ€™s new cabinet following his inauguration.
In central and eastern Europe, most currencies slipped against the euro while stocks largely gained, as they mulled EU parliamentary elections that saw pro-Europe parties retain their majority.