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Emerging Stocks Climb Most in 11 Weeks; Bonds, Currencies Gain

Dec. 1 (Bloomberg) -- Emerging-market stocks rose the most in 11 weeks, currencies strengthened while borrowing costs fell as better-than-estimated reports on Chinese manufacturing and U.S. jobs eased concern the global economy is slowing.

The MSCI Emerging Markets Index climbed 2 percent to 1,097.39 at 9:17 a.m. in New York, heading for its biggest gain since Sept. 13. The extra yield on emerging-market governments’ dollar bonds over U.S. Treasuries dropped 19 basis points to 2.59 percentage points, JPMorgan Chase & Co.’s EMBI+ Index showed. India’s rupee, the Philippine peso and South Africa’s rand strengthened at least 0.9 percent versus the dollar.

The MSCI gauge rebounded from its biggest monthly slump since May after China’s logistics federation reported manufacturing expanded at the fastest pace in seven months in November, while ADP Employer Services said companies in the U.S. added 93,000 workers to payrolls. European Central Bank President Jean-Claude Trichet signaled that leaders may step up their response to the region’s debt crisis.

“The manufacturing numbers in China came out stronger than expected, things are actually not as bad as people believe it to be,” said Choo Swee Kee, who manages about $222 million as chief investment officer of TA Investment Management Bhd. in Kuala Lumpur. “The U.S. is also coming along fine.”

The MSCI Emerging Markets gauge lost 2.7 percent in November amid speculation that higher interest rates in China and Europe’s debt crisis will curb economic growth. Benchmark equity indexes in 14 of 19 emerging markets open for trading climbed more than 1 percent today.

Manufacturing Growth

The Hang Seng China Enterprises Index of Hong Kong-traded shares advanced 1 percent after the logistics federation’s Purchasing Managers’ Index rose to 55.2 from 54.7 in October. That was more than the 54.8 median estimate of 14 economists surveyed by Bloomberg News. A PMI released by HSBC Holdings Plc also jumped.

U.S. employment increased by the most since November 2007, after a revised 82,000 rise in October that was almost double the initial estimate, according to the figures from ADP. The median projection of 40 economists surveyed by Bloomberg News called for a 70,000 gain last month. Small firms added more workers than at any time since the recession began in December 2007.

The Markit iTraxx SOVX CEEMEA Index of credit-default swaps for emerging Europe, the Middle East and Africa fell to 223.28 today from 230.5 yesterday, according to CMA prices. A decrease in the gauge signals investors’ perception of credit quality is improving.

Trichet told lawmakers yesterday that he didn’t believe that financial stability in the euro zone “could really be called into question,” stoking speculation policy makers meeting tomorrow may indicate their willingness to curb the spread of the region’s debt crisis.

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at

To contact the editor responsible for this story: Darren Boey at

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