Tech Rally Propels Emerging Stocks to Best Week in Four Months
- Asia tech companies pace gains in benchmark index on Friday
- South African rand, proxy for risk appetite, extends its surge
The TSMC campus in Hsinchu, Taiwan.
Photographer: An Rong Xu/BloombergThis article is for subscribers only.
Emerging-market stocks rallied as traders grew optimistic that the US economy will be able to avoid a recession while expecting the Federal Reserve to start cutting interest rates next month, which should provide a fresh boost to risk assets.
A gauge for developing world stocks rose in all but one session this week, capping gains of more than 2.8% in the span. Companies in Asia — including Taiwan Semiconductor Manufacturing Company, Samsung Electronics Co and Alibaba Group Holding — were the biggest contributors to the Friday’s advance.