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10 Jan 2017 20:35 - 10 Jan 2017 20:37 #23492 by iCann
Global markets closed higher for the week ended Dec 12, having already priced in a US interest rate hike at the Federal Reserve’s Dec 14 policy meeting. The Standard & Poor’s 500 index tested intraday record highs while the US dollar index gained 0.9%. But gold fell 0.7% on a stronger greenback and higher US Treasury yields.

The best-performing funds were those invested in Russia equities, which were lifted by the bullishness in the oil market. Brent crude oil rose 1.4% to US$55.70 a barrel after non-Opec (Organization of the Petroleum Exporting Countries) members agreed to join Opec in cutting production. Russia’s MICEX index jumped 3.2% while the ruble rallied 4.7% against the US dollar. Russia-focused equity funds that rose include the $428 million HSBC GIF Russia Equity AD fund, up 7.3%; the $1.4 billion Parvest Equity Russia C USD C fund, up 6.7%; and the $839 million JPM Russia A (dist) USD fund, up 6.6%. The $42 million PineBridge Emerging Europe Equity A fund, which had 57% of assets invested in Russia stocks as at end-October, also rose.

--The Edge
Last Edit: 10 Jan 2017 20:37 by iCann. Reason: update

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