Stocks attempt a comeback, eye best day in 3 weeks
By Shreyashi Sanyal
June 21 (Reuters) - Emerging market stocks rebounded from a steep selloff to rise more than 1% on Tuesday, putting them on track for their biggest one-day percentage gain in three weeks, although worries about recession and restrictive monetary policies lingered.
The MSCI's index for emerging market equities .MSCIEF rose for the first time in three days, with gains mainly led by most regions, excluding China stocks .CSI300 .SSEC .
Developing world equities have been hit by fears that tighter monetary policies in developed economies could tip the world into a recession. The U.S. Federal Reserve raised interest rates by its biggest mark in nearly three decades last week, with investors now gearing up to a likely hawkish message from Fed chair Jerome Powell during the week.
"While the improving sentiment could support equity bulls in the near term, caution lingers in the air with investors likely to adopt a guarded approach towards risky assets," said Lukman Otunuga at senior research analyst at FXTM.
"The week ahead promises to be eventful and potentially volatile, thanks to key economic reports from major economies and Powell's semi-annual testimony before Congress."
The MSCI's EM currencies index .MIEM00000CUS failed to make headway on Tuesday, maintaining a cautious stance. Turkey's lira TRY= dipped against the dollar, while South Africa's rand ZAR= firmed 0.8%.
Russia's rouble RUBUTSTN=MCX jumped to a near seven-year high against the dollar on the Moscow Exchange, supported by capital controls and the prospect of favourable month-end tax payments.
Meanwhile, the cost of insuring Egyptian government bonds using credit default swaps (CDS) were heading towards 1000 basis points, while worries remained about high CDS in other countries including Pakistan, Tunisia and Kenya.
Colombian markets are set to react after a holiday to news of its first leftist president, Gustavo Petro being elected over the weekend.
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Reporting by Shreyashi Sanyal in Bengaluru; editing by Uttaresh.V
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