Emerging Stocks Keep Gains as Draghi Speaks; Currencies Advance
Emerging-market stocks maintained gains as European Central Bank President Mario Draghi announced details of the bank’s bond-purchase program.
The MSCI Emerging Markets Index (MXEF) climbed 0.4 percent to 942.82 at 1:52 p.m. in London. South Africa’s rand appreciated 0.5 percent against the dollar, leading gains among developing- nation currencies.
Draghi said policy makers agreed to an unlimited bond- purchase program. The central bank reduced its 2012 forecast for gross domestic product, he said. Draghi spoke at a press briefing in Frankfurt.
Nations in the MSCI index send about 30 percent of their exports to the European Union, according to the World Trade Organization.
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