Asian Gains in Dollar Weaken

Asian shares led emerging markets higher, with Thailand’s SET Index rising 1.2 percent and Indonesia’s Jakarta Composite Index up 0.8 percent.

Dubai’s DFM General Index dropped 2.2 percent, the most in a week, after Moody’s Investors Service said United Arab Emirates banks are owed about 55 billion dirhams ($15 billion) by Dubai World. A report in Al-Ittihad newspaper today that the Dubai government allocated 18.3 billion dirhams ($5 billion) to Dubai World on a commercial basis didn’t reflect a new development, a spokeswoman for the emirate’s Department of Finance said. The report had helped lift shares in Asia.

Crude oil declined 0.9 percent to $80 a barrel in New York. White sugar fell 1.3 percent to $678.30 a ton in London, a two- month low, bringing its five-day drop to 8.2 percent. Buyers including Egypt scrapped or curbed purchases after prices last month reached the highest levels since at least 1989.