Oil buoys Emerging Market stocks

Oil prices firmed up on Thursday to buoy emerging market stocks after two consecutive days of decline.

The MSCI Emerging Markets Index gained 0.6 per cent as oil prices rose 3 per cent and US crude went back above $40 per barrel after a rough start to the week.

Emerging market currencies, however, remain under pressure as Turkey's lira sharply declined ahead of an important credit ratings review by the Moody's agency.

Russia's ruble gained 0.1 per cent, Kazakhstan's tenge 0.9 per cent, and South Africa's rand 0.8 per cent.

Read more at Reuters.