Investors Chat Room : Emerging Stocks Approach Four-Week High Before OPEC, Payrolls

The coming ECB meeting and release of U.S. non-farm payrolls,” said Warut Siwasariyanon, head of research at Asia Wealth Securities Co. in Bangkok. “The OPEC meeting is not expected to have any significant impact on the oil prices as it’s unlikely that the group will announce a major production cut.”
The MSCI Emerging Markets Index of shares climbed 0.2 percent to 808.33 as of 12:35 p.m. in Hong Kong after climbing to 812.25 on May 31, the highest since May 4. Thailand’s benchmark index climbed 0.5 percent and the Philippines’ rose 0.4 percent.
Sentiment toward emerging markets has been closely correlated with oil prices this year, which have been seen as a gauge of the global growth outlook. OPEC ministers are meeting in Vienna Thursday to discuss limiting production and Saudi Arabia is ready to consider a surprise deal with fellow members in an attempt to mend divisions, according to delegates familiar with the situation. Brent crude climbed to $50 a barrel on Wednesday for the second time this week.

Currencies
The ringgit dropped for a fourth day on speculation this week’s U.S. job report will underscore the prospects for a Fed interest-rate increase.
Malaysia’s currency slid 0.4 percent to 4.16 per dollar after depreciating to 4.1757, the weakest level since March 1. A gauge of developing-nation currencies rose 0.1 percent.
U.S. employers added 160,000 workers in May, a second month the figure has been less than 200,000, according to a Bloomberg survey before the Labor Department releases the figures on Friday.

Bonds
Overseas holdings of Indian rupee-denominated government and corporate bonds dropped by 13.5 billion rupees ($201 million) on Wednesday, the most since May 17, the National Securities Depository Ltd. said.
Sovereign bonds declined on Wednesday after a local-language newspaper reported central bank Governor Raghuram Rajan wasn’t seeking a second term.

Source  - Bloomberg

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