Emerging Markets Reduce Weekly Drop as Commodity Stocks Rally
- Real, rand lead advance in developing-nation currencies
- Brent crude rises above $41 a barrel before supplier meeting
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Emerging-market stocks and currencies advanced, reducing declines for the week, as Brent crude surged above $41 a barrel, boosting energy stocks and currencies from Russia to South Africa.
A gauge of developing-nation energy shares rose for a third day as oil surged more than 6 percent in London before a meeting between suppliers to discuss freezing production. Developing-country bond yields narrowed. The Ibovespa gained for a second day and the real strengthened as speculation mounted that Brazil’s president will be ousted and a new administration will be better able to pull the economy out of recession. Chinese stocks slipped, posting their first weekly decline in a month.