Iran War Optimism Propels Emerging-Market Stocks to Record High

Emerging-market stocks rallied to an all-time high and a currency index rose to pre-war levels as traders grew optimistic that the US and Iran are moving closer to a peace deal.

A gauge of developing-world equities ended the day 3.1% higher Wednesday, closing near 1,700 points and pushing its year-to-date advance to nearly 22%. Currencies also rose, with the South Korean won and energy importer Chile’s peso pacing advances. The Brazil’s real and Colombia’s peso lagged.