Emerging Stocks Climb to Highest Since 2022 Before CPI Data
- Leap in TSMC accounts for 60% of EM stock gauge move Tuesday
- Developing currencies rise to highest in three weeks
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Emerging-market stocks closed at the highest level since June 2022 as traders gear up for this week’s US inflation data to gauge the Federal Reserve’s next steps in monetary policy.
MSCI’s index for EM equities was up 0.6%, buoyed by a surge in Taiwan Semiconductor Manufacturing, which reached a record following news the US plans to award billions of dollars in grants and loans to help the chipmaker build factories in Arizona. A similar gauge for currencies gained 0.1% to the highest in three weeks, with the South African rand, Thai baht and Brazilian real outperforming peers.