Emerging Stocks, Latin America Currencies Rise on Trump, Fed

Developing-nation stocks rose and Latin American currencies gained as world leaders, including US President Donald Trump, spoke at the United Nations’ General Assembly on Tuesday. Traders also reacted to mixed messages from Federal Reserve officials about the outlook for rate cuts.

Brazil’s real jumped as much as 1.1% to a session high as Trump said he will meet with Brazilian President Luiz Inacio Lula da Silva next week. Argentina’s peso climbed 2.8% after US Treasury Secretary Scott Bessent vowed to provide “all options for stabilization” for President Javier Milei’s beleaguered economy. Trump also offered broad support for President Javier Milei when they met Tuesday.