Emerging Stocks Pare Gains As Oil Weighs On Russia Energy Shares

The MSCI Emerging Markets Index added 0.2 percent to 1,033.44 at 1:10 p.m. in London, trimming an earlier increase of as much as 0.3 percent. President Barack Obama signed into law a measure ending the 16-day government shutdown and extending the nations borrowing authority until early next year. The 21 countries in the developing-nations gauge send about 17 percent of their exports to the U.S., according to data compiled by the World Trade Organization . Investors had already pre-empted a resolution, so todays move is taking profits after the fact, Koon Chow , head of emerging-market strategy at Barclays Plc in London, said by e-mail. The premium investors demand to own developing-country debt over U.S. Treasuries rose two basis points, or 0.02 percentage point, to 319, according to JPMorgan Chase & Co. indexes. Russian Stocks The measure to end the U.S. fiscal impasse between the Obama administration and Republicans in Congress was passed by wide margins in the House and Senate last night. Three out of 10 industry groups rose in the MSCI Emerging Markets Index today, while the gauge of energy shares declined 0.2 percent, paring this months gain to 4.4 percent. Gazprom, Russias biggest natural-gas producer, lost as much as 2.2 percent in Moscow, its first drop in three days. The company reduced its production plan for the Bovanenkovo field this year, Vedomosti newspaper reported today, citing an unidentified company official.

Russia risks US wrath on Snowden asylum

I ask for your assistance in requesting guarantees of safe passage… in securing my travel to Latin America, as well as requesting asylum in Russia until such time as… my legal travel is permitted, Snowden said. He said that the asylum request was being made Friday evening. The head of Russia’s Federal Migration Service (FMS) Konstantin Romodanovsky said early Saturday that Moscow had yet to receive the application which, if it arrived, would be examined according to normal legal procedures. Prominent Russian lawyer Anatoly Kucherena, who attended the meeting and promised to help Snowden, told Russian television that the asylum request procedure could take up to three weeks. But hinting that Snowden’s new application may be viewed positively, the speaker of Russia’s lower house of parliament Sergei Naryshkin and the upper house speaker Valentina Matviyenko both swiftly said his request should be accepted. Naryshkin, a powerful ally of Putin who used to head the Kremlin administration, said that Snowden was a defender of human rights who risked facing the death penalty if he was sent back to the United States. ‘He is not a phantom’ The almost surreal meeting saw the group of less than a dozen activists arrive at the airport to be surrounded by a huge crowd of journalists. They were then ushered away by an airport official clutching a sign labelled G9 to a secure area to meet the hitherto invisible fugitive. Those invited, who received a personal email from Snowden sent Thursday evening, included representatives of Amnesty International and Human Rights Watch as well as prominent Moscow lawyers. He is not a phantom, he is a live human being, commented Russian lawyer Genri Reznik after meeting Snowden, who had not been sighted once until now since arriving at the airport. Russian state television late Friday broadcast footage shot from a mobile phone of the meeting, which showed Snowden reading out a statement while flanked by a staffer from the WikiLeaks anti-secrecy website, Sarah Harrison, and a woman interpreter.