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Virus worries drag down stocks ahead of US data

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Emerging market assets were under pressure on Friday, due to fears about the spread of the Delta variant of the coronavirus and the tightening of business regulations in China, while South Africa's rand fell after a new finance minister was appointed. MSCI's EM equity gauge fell 0.4per cent, althou

Emerging market assets were under pressure on Friday, due to fears about the spread of the Delta variant of the coronavirus and the tightening of business regulations in China, while South Africa's rand fell after a new finance minister was appointed.

Russian stocks fell on a slide in energy shares, while shares in Turkey and South Africa eked out gains of around 0.3per cent each. MSCI's currency index was 0.2per cent weaker, with Turkey's lira down 0.7per cent in its fourth consecutive day of losses, while Russia's rouble was little changed against the dollar.

South African President Cyril Ramaphosa on Thursday appointed the Development Bank of Southern Africa's chair, Enoch Godongwana, as finance minister in a Cabinet reshuffle, replacing Tito Mboweni who had asked to be excused from his position.

 

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