Emerging Stocks Rise on Spain Aid Report; Rupee Jumps on Tax Cut
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Emerging-market stocks rose, paring the first weekly decline this month, as a report saying European officials will unveil a bailout plan for Spain fueled demand for commodity producers.
The MSCI Emerging Markets Index increased 0.8 percent to 1,006.60 by 5:41 p.m. in New York, trimming this week’s loss to 0.7 percent. India’s benchmark gauge jumped to a one-year high and the rupee rallied on tax cuts that added to policy reforms last week. Markets in Chile, Turkey and South Korea also gained. Russia’s ruble snapped a four-day decline as oil pared its biggest weekly drop in three months. Samsung Electronics Co. gained 1.2 percent in Seoul.