Reuters/London

Emerging equities were remained in the red yesterday and most currencies weakened, pressured by jitters over Greece’s future in the eurozone, the Ukraine crisis and a stronger dollar.
Eurozone finance ministers were set to meet to debate an extension to Greece’s loan agreement.
Oil prices hovering just above $60 a barrel lent some support, but overall emerging market shares slipped 0.26% and Russian rouble-denominated stocks fell 0.8% lower.
A stronger greenback helped Russia’s dollar-denominated stocks to rise 0.49% higher, with the index having gained more than 15% since January, while their rouble peers added 27% over the same period.
But the rouble weakened 0.42% against the dollar, as fighting continued to rage in eastern Ukraine between pro-Russian rebels and Kiev’s troops.
“The situation on the ground in eastern Ukraine seems to be going from bad to worse, the conflict seems to be escalating,” said Neil Shearing, chief emerging markets economist at Capital Economics.
“However, the markets seem to have taken a sanguine view. It doesn’t seem to have affected Russian assets,” he added. Currencies across other emerging markets eased, with the Czech crown slipping 0.3% and pulling off 15-month highs after the country’s central bank said it would not end its policy of intervening to keep the crown weak.
The currency had soared on Wednesday after President Milos Zeman said he wanted the next central bank board members who will be appointed starting 2016 to be pro-euro and against the weak crown policy.
South Africa’s rand 0.4% weaker against the dollar and Turkey’s lira down 0.6% ahead of a central bank meeting next Tuesday where analysts expect an interest rate cut.
The central bank has been under pressure from President Tayyip Erdogan to cut rates, and concerns about central bank independence as well as worries that the US Federal Reserve would hike interest rates sooner than expected has sent the lira repeatedly to record lows in recent weeks.
Money flows across emerging markets painted a mixed picture, with inflows into credit and equity funds offsetting outflows from local bond funds.
Emerging credit funds added 0.14% of their assets under management in the week to February 18 and equities 0.09%, while local bonds recorded an outflow of 0.24%, according to a note from Standard Bank citing EPFR data.
Apart from Turkey, central banks in Israel, Egypt and Hungary are also meeting next week.