Emerging Stocks Rise to 3-Month as Europe Concerns Ease
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Emerging-market stocks rose to the strongest level in almost three months as concern over Europe’s debt crisis eased and as better-than-estimated U.S. corporate earnings boosted the outlook for exporters.
The MSCI Emerging Markets Index climbed 1.5 percent to 967.44 in New York, its highest close since May 11. Brazil’s Bovespa index jumped as steelmaker Usinas Siderurgicas de Minas Gerais SA’s 12-month price target was boosted by Goldman Sachs Group Inc. Benchmark indexes gained more than 1 percent in China, Russia, South Korea and India.