Coutts & Co., the wealth management unit of Royal Bank of Scotland Group Plc, said it doesn’t see a crisis in emerging markets and the firm’s rich clients are taking advantage of this year’s declines to boost holdings.
U.S. stocks capped the best two-day rally since October and Treasuries rose as the unemployment rate slid to the lowest since 2008, fueling speculation the economy can weather reductions in monetary stimulus. Crude, gasoline and heating oil led commodity gains.
The worst start for emerging-market stocks in four years is creating a buying opportunity, according to Jim O’Neill, the former Goldman Sachs Asset Management chairman who coined the term BRIC in 2001.
Bill Gross, who oversees the world’s biggest bond fund at Pacific Investment Management Co., said the pace of economic growth in China is among the biggest questions in developing nations and the largest risks for markets.
Emerging-market stocks fell, extending the worst start to a year on record, on concern the global economic recovery will wane. Lenovo Group Ltd. drove a selloff in technology companies after five analysts downgrades.
When Igor Sechin was working as President Vladimir Putin’s deputy chief of staff a decade ago, visitors to his Kremlin office noticed an unusual collection on the bookshelves: row after row of bound volumes containing minutes of Communist Party congresses.