Emerging Market Headlines: Greece Proposals Rejected, Oil Lower, Death in Nigeria -- Barron's Blog

        By Dimitra DeFotis
        The news on Greece wasn't good, and emerging markets wavered.
        The Vanguard FTSE Emerging Markets ETF ( VWO) fell 0.5% and the iShares MSCI Emerging Markets ETF ( EEM) fell 0.7%. The Global X FTSE Greek ETF ( GREK) fell 2.6%.
        PNC Bank's international Economist Bill Adams thinks there is a two-in-three chance of a Greek debt default, but that the impact would be limited.
        "Greece's only bargaining chip had been the theoretical threat of generalized market turmoil if Greece actually defaulted. But the European Central Bank's Asset Purchase Program is insulating the rest of the Eurozone from Greece's troubles. While interest rates in the euro zone have risen modestly over the last two months, there is no sign of crisis-level stress and the threat of market turmoil is ringing hollow. This explains why Greece's creditors were willing to reject Greece's latest budget proposals on Wednesday, demanding more substantial economic reforms, and why Greece will almost certainly capitulate to their demands. An agreement keeping Greece in the Eurozone is likely at the very last minute on Tuesday June 30."
        In Africa: Boko Haram militants killed more than 40 people in two remote Nigerian villages in a week of attacks in three countries that demonstrate the Islamist insurgency endurance and reach. See The Wall Street Journal story, " Boko Haram Kills Dozens in Northeastern Nigeria as Rampage Continues." The Global X MSCI Nigeria ETF ( NGE) fell 1% Wednesday."
        Oil prices declined Wednesday, with the U.S. benchmark West Texas Intermediate price fell 77 cents to $60.24 per barrel, while the international Brent price. Shares of Brazil's Petroleo Brasileiro ( PBR) rose 0.4% Wednesday, while shares of China's Sinopec ( SNP) were down 0.5% and CNOOC ( CEO) rose nearly 1.4%. Argentina's YPF ( YPF) rose 0.3%. Russia's Lukoil ( LUKOY) fell 3.5%.
        (END) Dow Jones Newswires

        June 24, 2015 17:25 ET (21:25 GMT)

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