Feb. 6 (Bloomberg) -- Emerging-market stocks gained the most in two months on speculation government and central-bank efforts to boost currencies and lending will help revive growth in the world’s most vulnerable economies.

OAO Novolipetsk Steel, the Russian metal producer controlled by billionaire Vladimir Lisin, surged the most in nine weeks after copper, platinum and other metals soared on the prospect of government spending plans worldwide will boost demand for raw material. Petroleo Brasileiro SA, Brazil’s state-controlled oil company, rose to the highest in four months.

The MSCI Emerging Markets Index climbed 3.9 percent to 557.53, its biggest gain since Dec. 10. Brazil’s Bovespa index jumped 4 percent. Russia’s Micex climbed 5.3 percent. The Shanghai Composite Index rose 4 percent. Turkey’s ISE National 100 Index rose 3.7 percent.

A group of six banks from Austria, Italy, France and Belgium are pressing the European Union to organize financial aid for emerging European economies, including guarantees for customer deposits. Poland’s central bank may discuss intervening in its currency market at its next meeting, according to a report by rp.pl, citing Monetary Policy Council member Dariusz Filar.

“There is recognition by governments that their economies are in a pretty poor shape and they are trying to do something about it,” said Beat Siegenthaler, chief emerging-markets strategist at TD Securities in London. “Central Europe in particular has benefited from the more positive sentiment today.”

Fund Flows

Hungary said yesterday it will introduce a six-month facility for banks to swap local currency for euros, Russia approved $11 billion of aid for banks and the Czech Republic cut interest rates to a record low.

The extra yield investors demand to own developing nations’ bonds instead of U.S. Treasuries narrowed 11 basis points to 6.34 percentage points, according to JPMorgan Chase & Co.’s EMBI+ Index.

Hungary’s BUX index jumped 1.1 percent and Poland’s WIG20 Index rose 3 percent. KGHM Polska Miedz SA, the Polish copper producer with the largest European mine output, led gains in Warsaw, rising 7.7 percent. Novolipetsk Steel, the copper producer, rose 24 percent in London trading. Copper prices soared 7.6 percent in New York trading.

Emerging markets recorded “small” fund inflows in the week ended Feb. 4, including the first inflows for Russia since October, Bank of America Corp. said.

Brazil, Russia and South Korea saw the biggest inflows, while India and China recorded outflows, wrote Michael Hartnett, strategist at Merrill Lynch & Co., a unit of Bank of America.

Petrobras Gains

In Latin America, Petrobras, as the oil company is known, helped drive Brazilian stocks higher. Petrobras rose 4.2 percent to 27.10 reais.

China’s stocks rose to the highest in more than four months, completing the biggest weekly gain since mid-November amid expectations government stimulus measures will revive the world’s third-largest economy.

Bank of China Ltd., the nation’s third-largest, and Bank of Communications Ltd. both climbed 4.5 percent after the 21st Century Business Herald said the central bank will allow greater discounts to benchmark interest rates in hopes it will boost lending.

To contact the reporters on this story: Laura Cochrane in London at lcochrane3@bloomberg.net; Fabio Alves in New York at falves3@bloomberg.net

Last Updated: February 6, 2009 18:08 EST