Russia tested appetite for ruble bonds for the second time in eight weeks yesterday, only to scrap the auction after seeing how much it would pay to borrow as the crisis over neighboring Ukraine escalates.
Emerging-market stocks fell for a third day after a Chinese manufacturing gauge signaled contraction and concern grew that the crisis in Ukraine will escalate. The yuan touched the weakest level in 16 months.
India’s Congress party is claiming credit for a stock-market rally that sent the S&P BSE Sensex index to record highs. Much of the evidence suggests the real catalyst is Narendra Modi, the leader of the opposition party projected to win the national elections.
Czech Finance Minister Andrej Babis says he wants to manage public finances in the same way he ran his $12 billion business. Bondholders approve, awarding the three-month-old government with the lowest yields since May.