Emerging market stocks approach record highs as US-Iran agreement drives oil prices down

The MSCI Emerging Markets Stock Index rose by 2.8%, approaching the record high it reached earlier this month. Assets of oil-importing countries saw the largest boost as Brent crude oil dropped to its lowest level since March. The Philippine peso and Indonesian rupiah led gains among peer currencies; in fixed income markets, Egyptian and Sri Lankan dollar bonds saw the biggest increases. The Indian rupee, Indonesian rupiah, and Philippine peso all rebounded; these currencies, from oil-importing countries, had fallen to record lows against the US dollar during the conflict.