Emerging Stocks Rebound on Cyprus as Cemig Sinks Bovespa
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Emerging-market stocks rose for the first time in eight days as Europe weighed options for Cyprus’s bailout and the Federal Reserve said it would maintain the current pace of bond purchases. Brazilian shares slid.
VTB Group, Russia’s second-biggest bank which has a Cypriot unit, rebounded from a three-month low, an Hungarian lender OTP Bank Nyrt. jumped. Mirae Asset Securities Co. fell a third day in Seoul as a cyberattack shut down some computer networks. Brazil’s Bovespa index fell to a two-week low as utility Cia. Energetica de Minas Gerais plunged. China’s Shanghai Composite Index surged the most among Asian bourses.