Emerging Stocks Rise for Second Day as Oil Surge Lifts Producers
- Energy stocks boost equity benchmarks in Russia, Brazil
- Saudi index worst performer in world on austerity measures
Mobius: Emerging Stocks Good for Investors
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Emerging-market stocks rose for a second day as a surge in oil prices after OPEC members agreed on a preliminary deal to cut production boosted shares in energy-producing nations from Russia to Brazil.
The Micex Index ended a three-day decline in Moscow. The Ibovespa advanced for a second day as Brent crude sold for more than $48 a barrel. SABMiller Plc helped lift South Africa’s benchmark to the first advance this week after investors approved a takeover by Anheuser-Busch InBev NV. Stocks in Saudi Arabia posted the steepest two-day slump since January amid concern austerity measures will curb growth, while people familiar with the matter said the kingdom’s first international bond may be delayed.