"Emerging market stocks approach record highs as US-Iran agreement drives oil prices down."

On Monday, emerging market currencies, stocks and bonds joined the global risk asset rally, following a temporary agreement reached between the United States and Iran aimed at restoring passage through the Strait of Hormuz. The MSCI Emerging Markets Stock Index rose 2.8%, nearing the record high reached earlier this month. With Brent crude oil falling to its lowest level since March, countries reliant on oil imports saw the biggest boost in their assets. The currencies of the Philippines and Indonesia led the pack among similar currencies; in the fixed income market, Egyptian and Sri Lankan US dollar bonds posted the highest gains. The Indian rupee, Indonesian rupiah, and Philippine peso rebounded; these currencies all come from oil-importing countries, and had fallen to record lows against the US dollar during the conflict.