Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomePMN BusinessEmerging Markets Stay Under Pressure as Iran Impasse Lifts OilEmerging-market stocks and currencies stayed under pressure as the lack of progress on US-Iran talks lifted oil prices back above $86 a barrel.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.6z}heymsb4w{3y7wfqkj1xjm_media_dl_1.png Bloomberg(Bloomberg) — Emerging-market stocks and currencies stayed under pressure as the lack of progress on US-Iran talks lifted oil prices back above $86 a barrel. Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorMSCI’s emerging FX gauge ticked lower versus the dollar for a second day, with the currencies of oil importing Asian nations falling the most. Losses were led by the Philippine peso, which slipped 0.4%, followed by the Thai baht, Indonesian rupiah and Korean won. UBS Group AG strategists said emerging central banks’ apparent reluctance to hike interest rates, the economic hit from higher oil prices and high US yields “are pointing to a higher bar for EM capital flows and FX.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“While EM growth has held up through the energy shock thus far, growth differentials are being challenged by a resilient US,” they told clients. “We believe unchanged Fed rates into year-end are necessary for EM FX performance to broaden in the coming one-three months.”The South African rand was supported by gold prices holding near $4,000 an ounce, though the rise in oil capped gains. The Hungarian forint steadied versus the euro, ceding an earlier 0.4% gain.Read: Asia’s Energy-Starved Nations Go Dark as Hormuz Tensions Drag OnBond yields mostly edged higher across emerging markets as the elevated oil prices fanned inflationary pressures. Investors are monitoring central bank meetings in some of the biggest emerging markets for clues on policy.Brazil looks set to deliver a fourth consecutive quarter-point interest-rate cut on Wednesday to 14%, though some analysts also expect a hold. India is seen keeping policy steady but investors will want to see how the central bank plans to manage the rupee’s decline. “If energy prices merely remain elevated at these levels, more active central bank policy tightening by September/October time is a growing risk that could challenge the ongoing exceptional appetite for risk,” Derek Halpenny at MUFG Bank said. Meanwhile, an emerging stocks index remained on the backfoot for a second session weighed down by declines in Taiwan’s chipmaker, TSMC. The unwinding of Asian technology positions is at the heart of the latest market correction in emerging markets. However, Korean stocks added 1.6% recouping some of Monday’s 5% slide.“The market overhang of crowded investor positioning has dissipated which should hopefully see the focus return to company fundamentals,” said Edward Evans, a portfolio manager at Ashmore Group in London. In other corners of the market, Nigeria said it approved a $4.5 billion loan with the state-owned energy firm to bolster foreign-exchange reserves and spending on the government’s infrastructure projects. An African focused fin-tech eyed a Hong Kong initial public offering to raise about $200 million in a funding round. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.