Emerging-Market Stocks Reverse 2016 Decline as Commodities Rally
- Energy companies lead gains as Brent crude climbs past $40
- Average stock valuations rise to highest since late July
Emerging-market equities erased their decline for 2016 as commodity prices rallied and U.S. jobs data suggested the Federal Reserve will raise U.S. interest rates slowly. The yuan ended a four-day advance after Chinese leaders refrained from announcing specific support measures.
Energy and raw-material stocks were the biggest gainers on the MSCI Emerging Markets Index as Thai Oil PCL rallied 5 percent after earnings beat estimates, while Qatar’s benchmark followed gauges in Dubai and Abu Dhabi into a bull market. Oil producers Gazprom PAO and Lukoil PJSC each rose more than 2.3 percent in Moscow. Iron-ore producer Vale SA led gains in Sao Paulo as prices for the steel-making ingredient surged. The yuan fell 0.1 percent to 6.5168 per dollar.