Emerging Stocks Rise 5th Day on China as Petrobras Soars
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Emerging-market stocks advanced for a fifth day after China called for reform measures to consolidate the nation’s recovery. Brazil’s Ibovespa rallied to the highest level since May as Petroleo Brasileiro SA soared.
The MSCI Emerging Markets Index added 0.1 percent to 1,042.66. The Shanghai Composite Index rose 1.6 percent. The Ibovespa rallied as Petrobras surged 5.3 percent after a group led by the state-run oil company won a license to develop Brazil’s biggest oil discovery under terms that exceeded estimates. The Borsa Istanbul National 100 Index climbed 3.5 percent, while Poland’s WIG20 Index jumped to a nine-month high.