Economics
China Rate Cut Lifts Emerging Markets as Polish Vote Hurts Banks
- Shanghai Composite Index rises to highest in two months
- Russian stocks slump with oil prices as Sensex drops in Mumbai
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Most emerging-market stocks rose as China’s surprise interest-rate cut added momentum to a rally in Shanghai, outweighing declines in Russia and India. The zloty weakened and Polish banking stocks fell after the opposition party claimed an election victory.
The Shanghai Composite Index climbed to a two-month high in the first trading day after China lowered borrowing costs for the sixth time in a year and reduced lenders’ reserve requirements. South Korea’s equity benchmark rallied to the highest level since July. The Micex ended a two-day gain as oil, Russia’s biggest export, declined.