Emerging Stocks Climb to Seven-Month High on China; Ruble Falls
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Emerging-market stocks climbed to a seven-month high as shares rallied the most since January in Shanghai amid mounting speculation that China will step up measures to support growth in the world’s second-largest economy.
The Shanghai Composite Index rose to the highest since 2008 as PetroChina Co. and China Petroleum & Chemical Corp. each surged 10 percent on speculation the government is considering mergers of state enterprises. Stocks gained for a fourth day in Taiwan. The Ibovespa ended a three-day advance as Brazil’s state-controlled oil producer Petroleo Brasileiro SA plunged after Morgan Stanley said sell. Russia’s ruble weakened as traders boosted bets for interest-rate cuts.