What's Behind the Rally in Emerging Market Stocks?
Emerging-market stocks rose to the highest level in eight months before Chinese trade data as commodity shares climbed amid prospects for stimulus in major economies. Developing-nation currencies retreated. A gauge of mainland companies traded in Hong Kong advanced to a one-month high as China Oilfield Services Ltd. led increases in energy shares. Vietnamese equities reached a 2008 high and Philippine stocks extended gains to levels not seen in 15 months. China’s offshore yuan strengthened amid speculation there’s a shortage of the currency in the overseas market. A measure of currencies halted a four-day gain as South Africa’s rand weakened from a two-month high. Malaysia’s ringgit slipped before an interest-rate decision. Rabobank Senior Foreign-Exchange Strategist Jane Foley discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."