Emerging Stocks Rise to 27-Month High for Fifth Weekly Gain
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Emerging-market stocks rose, sending the benchmark index to the highest level in 27 months, and currencies strengthened as reports showed China’s manufacturing grew and developing-nation fund inflows hit an 11-month high.
The MSCI Emerging Markets Index climbed 1 percent to 1,086.09 by 5 p.m. New York time, a fifth straight weekly advance. The Bloomberg-JPMorgan Asia Dollar Index rose 0.5 percent to a two-year high as India’s rupee gained 1.1 percent. The extra yield investors demand to hold emerging-market debt over U.S. Treasuries fell six basis points to 2.71 percentage points, the lowest level in five weeks, JPMorgan Chase & Co. data show.