BidenPutin meet to start at 1100 GMT
Lira perks up after two bruising days
Other EM FX muted ahead of Fed
MSCI EM stocks index set for worst session in 4 weeks
June 16 Reuters Russias rouble snapped a fourday losing streak on Wednesday, boosted by higher oil prices and hopes that an upcoming meeting between the Russian and U.S. presidents could help improve severely strained ties between the two nations.
The currency was up 0.2, just before an 1100 GMT meeting of U.S. President Joe Biden with Russian counterpart Vladimir Putin in Geneva. They are expected to discuss arms control, cyberhacking and election interference and then hold separate news conferences.
We think it likely that we will receive a number of constructive headlines in terms of a friendlier framework for future discussion, said Commerzbank analyst Tatha Ghose said.
Bidens meeting earlier this week with Turkish President Tayyip Erdogan failed to generate any positive breakthroughs, but Ghose said the stakes were higher for Wednesdays meeting because the risk premium on Russian assets was down primarily to U.S. sanctions and the potential for more.
The risk scenario would be a breakdown in talks, in which case those same sanctions would soon reinvoked, along with other new sanctions, Ghose added.
Geopolitics weighed on emerging markets more broadly too MSCIs emerging equity index was headed for its worst session in a month, led by a sharp drop in Chinese shares.
Chinas bluechips index…