Russia’s economy grew at the weakest pace since 2009 in the first quarter as investment at companies including OAO Gazprom cooled and the euro area’s longest recession hurt demand for commodity exports.
Emerging-market stocks headed for the first weekly loss in a month as the longest slump in gold in four years dragged producers lower. Turkish bonds rallied after Moody’s Investors Service raised the nation to investment grade.
Overseas investors are stepping up purchases of Indian shares, buying the most since February on May 15, amid speculation slowing inflation will give the central bank more scope to cut interest rates to stoke economic growth.
The Dollar Index rose to the highest level since July while South African and Australian currencies fell on speculation the Federal Reserve will scale back stimulus measures. U.S. stock-index futures gained while gold dropped.
GlaxoSmithKline Plc, the U.K.’s biggest drugmaker, said price cuts will accelerate volume sales of its medicines in emerging markets led by China as the company extends its reach to less well-off patients.