Emerging Markets Rally as Indian IT Faces H-1B Visa Fee Hit
Emerging market equities edged higher amid central bank decisions, with Indian IT stocks plummeting due to a new U.S. H-1B visa fee. Central European currencies showed mixed reactions ahead of regional rate decisions. Chinese stocks rose on U.S.-China dialogue, while Indonesian and Ukrainian markets faced unique pressures.
Emerging market stocks inched upward on Monday, positioned cautiously before pivotal central bank meetings. Meanwhile, Indian IT stocks took a sharp dive following the U.S. imposition of a $100,000 fee on new H-1B visa applications.
The technology sector, heavily reliant on skilled labor from India and China, suffered as U.S. President Donald Trump announced the new fee. G Chokkalingam from Equinomics Research remarked on the potential for an amicable solution to the trade tensions sparked by the U.S.
Elsewhere, the Hungarian forint gained marginally, and central bank decisions loomed across Eastern Europe. China's stocks showed optimism with minor gains linked to Sino-U.S. discussions, while Indonesia and Ukraine faced distinct economic pressures.
(With inputs from agencies.)
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