Emerging market stocks showed growth for the first time in five sessions: the MSCI EM index gained 0.7% against the background of a 19% jump in Alibaba quotations in Hong Kong, the highest in three years. The upswing was provided by data on strong AI revenue, which contrasted with the pressure on the broader Asian market after the tech sector sell-off in the United States. The MSCI EM currency index remained almost unchanged due to low holiday activity in the United States. The Indonesian rupiah strengthened against the dollar after the central bank's intervention amid the protests, but local stocks fell. Investors are also watching Thailand after the termination of the prime Minister's powers by the decision of the Constitutional Court. In Turkey, two-year bond yields stabilized after data on GDP growth of 4.8% in the second quarter, indicating the continuation of the central bank's tough policy. In Poland, GDP also supported domestic demand, strengthening the zloty against the euro and the dollar. Markets continue to take into account the decision of the US Court of Appeals, which declared most of the global tariffs of the Donald Trump administration illegal.
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