Emerging Stocks Advance to Nine-Week High as China Concern Fades
- Property, auto shares climb in Shanghai as volumes increase
- Currencies extend gain after biggest weekly advance since 1998
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Emerging-market stocks rose to a nine-week high and currencies strengthened for a seventh day as concern eased that China’s economic slowdown will worsen and prospects for continued low U.S. interest rates helped buoy demand for riskier assets.
The advance in equities followed the biggest weekly increase in almost four years amid speculation the Federal Reserve won’t raise borrowing costs this year. Stocks are rebounding after a 28 percent meltdown between April and August when futures traders predicted a liftoff in 2015. Property and material companies in China jumped on Monday after Premier Li Keqiang said the nation will increase fiscal support for shantytown redevelopment.