Investors poured in $1.3 billion on July 14 into an exchange-traded fund that tracks the MSCI Emerging Markets Index amid a rally driven by bets that major central banks will expand stimulus. That was the biggest single-day inflow into the ETF traded in the U.S. since April 7, 2014, according to data compiled by Bloomberg. Developing-country stocks are trading at the highest valuations in 14 months, after posting the best first-half since 2009 relative to advanced-nation equities.

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