Emerging market stocks jumped 1% on Wednesday on relief over cooling U.S. inflation, while currencies made cautious gains ahead of the U.S. Federal Reserve's policy decision later in the day. Asian markets rallied on hopes the Fed would slow its pace of interest rate hikes after data on Tuesday showed U.S. inflation cooled more than expected in November.
Developing nations are lobbying for fairer access to treatments than they got during COVID-19 as global talks begin on drafting new health rules for combating pandemics.
Instead, diplomats from smaller nations split their time between health and other topics, like trade. South Africa's Precious Matsoso, co-chair of the pandemic treaty talks, told Reuters countries could hire experts to help, or band together for regional representation.
Among currencies, China's yuan recovered from Monday's slide, up 0.3%, while most other emerging market currencies made small moves against a steadying dollar. India's rupee hit 82.37 against the greenback after the central bank hiked interest rates by 35 basis points and said there would be no laxity in its fight to tame high inflation.
Global talks have begun on drafting new health rules for combating pandemics, and developing nations are lobbying for fairer access to treatments than they got during COVID-19. But they worry that the odds of a favourable outcome from a scheduled 18 months of negotiations at the World Health Organization (WHO) are already stacked against them, as they lack the negotiating firepower of wealthier countries.